Probate Fees Hike: Wedlake Bell Response
On 18 February 2016 the government announced proposals to dramatically increase the costs of applying for a grant of probate. Currently, the maximum fee payable to obtain probate is £215, but under the new proposals, couples could be looking at total fees of £40,000 with bereaved spouses/civil partners having to find £20,000 before they can access their deceased spouse's/civil partner's assets: a huge increase which has been met with opposition and disbelief in the industry. There is, however, a consultation process before any proposals are implemented, and Wedlake Bell has submitted its response.
The proposed new fees are:
Value of Estate (before the deduction of Inheritance Tax)
Proposed New Fees
Up to £30,000 (or not requiring a Probate)
£0
Exceeds £50,000 but not exceeding £300,000
£300
Exceeds £300,000 but not exceeding £500,000
£1,000
Exceeds £500,000 but not exceeding £1 million
£4,000
Exceeds £1 million but not exceeding £1.6 million
£8,000
Exceeds £1.6 million but not exceeding £2 million
£12,000
Exceeds £2 million
£20,000
The proposed fees will be on top of any inheritance tax ("IHT") payable upon an estate at death. Subject to any reliefs and exemptions available, IHT applies at the rate of 40% on the value of the estate over and above £325,000 (the current nil-rate band). In a worst case scenario, if an estate is valued at £2,000,001, the executors will need to find £670,000 in IHT plus £20,000 in probate fees (in total 34.5% of the value of the estate).
Wedlake Bell's response to the consultation can be viewed here.
Our response includes the following points:-
The proposed fees set out in the consultation are exorbitant. The value of the estate has no bearing on the work required by the Probate Registry. Probate fees should be linked to the work involved, not the value of the estate lf extra funding is required for the running of the courts, it should be...
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