Probate fees
The Government announced on 5 November 2018 that it is reintroducing its planned reforms to probate fees in England and Wales, originally put on hold in April 2017. These involve moving from a flat fee of £155 (or £215 if a solicitor is not involved) to a sliding scale of fees based on the value of the estate. The fees will range from £250 to £6,000 with the top fee payable by estates valued above £2million. If enacted, the reforms are expected to take effect from April 2019.
Trusts Consultation
On 7 November 2018, the Government launched a wide ranging consultation on the taxation of trusts with the aim of reviewing the law to ensure that this supports transparency, fairness and simplicity.
We will report on these developments in more detail in the next issue of In Trust.