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Government announces changes to probate fees
The government has recently announced significant changes to probate fees. Nottingham chartered accountants Clayton & Brewill, explains more about the proposed changes.
What are the key changes to probate fees?
The government is changing the probate fee structure, which is likely to mean significantly increased fees, particularly for those with high value estates.
There will also be an increase to the estate threshold, which will mean that estates valued up to £50,000 or exempt from requiring a grant of probate won’t incur any probate application fees. At the moment, there is a flat fee of £215, or £155 if through an adviser, on estates over £5,000.
The new structure will also see probate fees – paid when administering the estate of someone who has died – paid on a sliding scale based on the value of the estate, rather than as a flat fee.
What do the changes mean for me?
If the estate is worth less than £50,000 then there will be no fee for an application for a grant of probate.
The exact fees for estates over £50,000 are as follows:
- Estates worth from £50,000 up to £300,000 – £250 fee
- Estates worth from £300,000 up to £500,000 – £750 fee
- Estates worth £500,000 up to £1 million – £2,500 fee
- Estates worth from £1 million up to £1.6 million – £4,000 fee
- Estates worth from £1.6 million up to £2 million – £5,000 fee
- Estates worth more than £2 million – £6,000 fee
According to the government, “80% of estates will pay £750 or less and 60% of applicants will still be paying a comparable fee to what they pay now.”
The government has stated that they have revised the amounts so that they are never more than 0.5% of the value of the estate. They have also stated that the income raised from these changes will be spent on running the courts and tribunal service.
These changes will apply to estates in England and Wales only and will apply from April 2019.
If you want to discuss the changes to probate fees in more detail or for help with other probate matters, please contact our friendly team here or call us on 0115 950 3044.