Update – Probate Fees Reform
Click here for more information about the Government’s proposed probate fee reform. For those of you already following this topic, here is the latest update.
A report published by the Treasury last week confirmed that it is likely that the new probate fee structure will be classified as a tax – something which the Ministry of Justice has been adamant that it is not.
The Treasury reports that “The new probate fee structure is expected to generate £155 million a year in additional tax receipts.”
Designating these fees as a “tax” raises interesting questions as to the legality of the instruments bringing in the change, which have not been formally debated by Parliament as is usual with tax law.
It seems that the Labour Party plan to formally object and the matter is due before Parliament before 1 April 2019 – so watch this space!
For further updates on this topic and other matters relating to Wills, succession planning, trusts and probate please subscribe here.