GSC’s James Cohen provides details on the legislation Government are proposing that will target beneficiaries of estates worth over £2 million.
“These beneficiaries will be faced with a probate fee of £20,000 in order to administer the estate. Executors currently pay a flat fee of just £155 if acting through a solicitor. This fee was only recently increased from just £45 in 2014. The consultation aims to tax the wealthiest families in the UK.
Further the proposal will increase the threshold for when a probate fee is required to be paid. Currently only estates valued less than £5,000 incur no probate fee. This is set to rise to £50,000.”
The Government are proposing new legislation that will target beneficiaries of estates worth over £2 million who will be faced with a probate fee of £20,000 in order to administer the estate.
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