Huge rise in Probate Fees as government introduces ‘death tax’ | Solicitors in Bury St Edmunds offering fixed prices in easy to understand packages
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Huge rise in Probate Fees as government introduces ‘death tax’

Sweeping changes to probate fees in England and Wales were quietly announced in the Chancellor’s budget earlier this month. The changes will take effect from May 2017 the Ministry of Justice has confirmed. 
At present Probate costs are levied against estates over £5,000, they consist of a fixed fee of either £155 (if applied for by a solicitor) or £215 (if applied for by an individual) But from May, the fee will no longer be fixed, instead it will increase on a sliding scale depending on the value of the estate.

Value of Estate Probate Fee
Up to £50,000 £0
Over £50,000 up to £300,000 £300
Over £300,000 up to £500,000 £1,000
Over £500,000 up to £1 million £4,000
Over £1 million up to £1.6 million £8,000
Over £1.6 million up to £2 million £12,000
Over £2 million £20,000

The changes will see the threshold for the fee rise to £50,000  which means millions of people will no longer pay anything at all – estimates suggest that 58% of estates will now not be liable for a probate charges.
However, for  those estates that are liable for a probate fee, they will now have to hand over a significantly larger sum than in the past. The extra charges that will now be added to these estates highlight how important it is that you plan your estate in the most efficient way possible, thus ensuring that your loved ones gain the full benefit of what you leave behind. Making a will is the first step, believe it or not two thirds of us don’t have a will. We offer an expert Wills and Estate Planning service, call 01284 767766 or email Tim Metcalfe or Bavani Naidu, they would be happy to answer any questions or concerns you may have.