Much has been written in the press recently about the proposed hike in Probate Court fees. The Government looked all set to implement the fee rise in May before it called a snap General Election for the 8th June 2017. Sadly, whatever happens we must be prepared for the new Government seeking to re-introduce a higher fee scale for Probate fees.
Probate Court fees
The good news in relation to so called taxes on death is that when a person dies on or after the 6th April 2017, owing a home or a share of it which is then inherited by their direct descendants, the estate may now be entitled to an additional Inheritance Tax allowance called Residence Nil Rate Band (RNRB). For a married couple who own their own home this means a combined potential Inheritance Tax allowance by 2020 of £1,000,000.00. This is certainly good news but careful planning needs to be made in an individuals’ Will to ensure maximum use of this allowance and that it is not lost completely by leaving assets in some kinds of trust or to non-qualifying descendants, for example.
For more information drop into our Saddleworth Free Legal Clinic held on Wednesdays in Uppermill, or contact Rachel Damianou or Jyoti Patel on 0161 624 6811 or email firstname.lastname@example.org or email@example.com.
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