The Probate Registry and Inheritance Tax reporting system has undergone a number of changes in England over the last few years. There are some more changes that have been made in early 2022 to be aware of.

Changes to fees

There has been much controversy and debate in recent years over plans to introduce a significant increase in probate fees. For now, the Probate Registry has settled on a modest increase to £273 for all applications (whether they are made by an individual or a probate practitioner) where the value of the estate is over £5000.

Changes to application process

There are some new changes to the application process which come into effect for deaths after 1st January 2022.
For excepted estates (those estates that generally are below the IHT threshold of £325,000) where the death occurs on or after 1st January 2022, there is no longer a need to complete and submit an inheritance tax form IHT205. Note however, that you will still be asked to provide the key figures from these forms, namely the gross and net value of the estate for Inheritance Tax purposes, the net qualifying value of the estate, and the gross and net value of the estate for probate purposes. You will also need to confirm whether the nil rate band is being claimed.

The aim of these changes is to streamline and simplify what can be a stressful and confusing process. We are still here to help.

Every estate is different. Some estates may be high in value, but with relatively few assets. Some estates may be lower in value, but consist of many different assets. Some executors may wish to instruct solicitors but still be involved as much as possible, whereas others may prefer to hand everything over to us. We aim to be open, honest and flexible in our approach. We are happy to work with you and involve you at a level that you are comfortable with. We tailor our work based on the circumstances of the estate and the individuals involved.

We do offer a fixed fee service for applying for a grant only, which is proving increasingly popular. This may be suitable for a relatively simple estate where the executors are content to close down accounts and deal with payment of debts/payments to beneficiaries personally. We can apply for the grant and submit an inheritance tax return (or calculate and supply the relevant figures to the probate registry as required). When the grant is issued, we can then hand everything back over to you. Our fee for a grant only in a simple estate is £950 + VAT. There is a court fee of £273 payable to the probate registry plus £1.50 for every copy of the grant required.

Can we help?

Please contact Hayley Beeching our Consultant Solicitor on 02393552564 or by email on hayley@futuritywills.co.uk