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The Inexorable Move to Online Everything – including probate

switching to digital

On 26th April 2018, Probaters received an email from the Probate Service of England and Wales informing us that the following day the rules were going to be changed to require applications to be made online.  As so little notice had been given the Probate Service have kindly advised us that until procedures are clearer, we can continue to use paper applications “so for the time being, therefore, there is no need to change any existing work that you have ongoing”.

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39 Hits

Simplifying Inheritance Tax – What a good idea!

inheritance tax

The most obvious simplification would be to remove the stupendously complicated residential nil rate band and instead increase the basic IHT allowance (frozen at £325,000 since 2009) to £500,000. But that did not figure in the two-part review of inheritance tax being carried out by the Office of Tax Simplification. The first part of their report, issued in late November, concentrated on reducing or removing the requirements to submit forms for smaller or simpler estates, especially where there is no tax to pay, and simplifying the administration and guidance. They also mentioned the advantages of banks and other financial institutions having standardised requirements and, of course, they were on the online bandwagon saying that the whole system should be automated by bringing it online.

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45 Hits

Probate Fees – An unjustified tax

stamp labelled probate

There has been plenty of publicity about the forthcoming hike in probate fees. The good news first: if the estate is worth less than £50,000 there will be no fee. But now the bad news.If the estate value is more than £50,000 the increases are as follows:-

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48 Hits

Queen's Speech

I’ve not read it yet but you can be pretty sure that there will be nothing there of any interest to those interested in probate or planning estates. We might be in for a period when we see much less or no tinkering with the laws relating to inheritance.

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467 Hits

Ignorance of gift rules is not bliss

According to a recent survey carried out by an equity release provider called Key Retirement, almost half of parents and grandparents do not understand the tax rules on making gifts. This substantial minority is unaware that their estate might have to pay inheritance tax on gifts which have been made to family members.

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481 Hits
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