We’re delighted to say that the Government has announced that is was scrapping the proposed increases in probate fees in May (see previous post here: http://www.armstrongprivateclient.com/massive-increases-in-probate-charges-on-the-way/ (http://www NULL.armstrongprivateclient NULL.com/massive-increases-in-probate-charges-on-the-way/)).
The snap general election means that the Government acknowledges that it is unlikely that the large increases in probate fees due to come in in May will now take place, as there is insufficient Parliamentary time for the legislation to pass.
It is not clear whether the fees (which have attracted withering criticism as a ‘stealth tax’ on larger estates) will be brought back in a future session of Parliament should the Conservatives be re-elected. However, one of the downsides if the planned changes are shelved is that the new system would have exempted small estates (those below £50,000) from the charge altogether. Under the present system, no fee is payable if the estate is under £5,000.