If the proposed probate fee increase becomes permanent, the possibility of future hikes cannot be ruled out, says Dawn Joughin, and so professional advisers need to inform their clients of the implications
Alongside the proposed changes to National Insurance Contribution (NIC) levels, the increase in probate fees was a prominent feature of the recent Budget. And, much like the negative reaction that forced an immediate U-turn by Chancellor Philip Hammond over NICs, the new probate fee schedule is running into trouble. It has been thrown into disarray by a report from the influential parliamentary joint committee on statutory instruments, which concluded the new fees bore the "hallmarks of taxes rather than fees." The Lord Chancellor, it added, "is not permitted to impose a tax". In resp...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
