Government announces probate fees hike - MSE News

Yorkshireman99

evenasus wrote: »

What this new tax will do, is make people make sure, as much as they can, that there won't be the property/savings there for the government to get their hands on.
The sad death of my daughter-in-law's mother earlier this year gave us much for thought. What with the probate rigmarole, solicitors fees and inheritance tax to pay.

We decided to give our two middle aged sons a significant amount of our savings now, rather than wait until we're dead. Just got to make sure we live another 7 years.
As for our house? I have plans for that.

Basicly good advice. I would add get professional advice from an IHT specilaist proably a STEP member if you are contemplating a trust.

evenasus

Keep_pedalling wrote: »

Do you really want to spend you final years broke? As a couple with children and owning your own property, you are already in the position that you will be able to leave £900k tax free, £1M if at least one of you survives another 18 months. Doing something stupid like giving your house away is likely to result in your estate paying more tax not less.

As for your existing gifts, we have done the same thing, but we have covered the possibility of not surviving 7 years with 2nd death term insurance. Very cheap If your are not too old and in good health.

We wouldn't leave ourselves broke.
No, we've no intention of giving our house away. But should one of us die, then the house would be sold and a much smaller one bought. There would be more money to be given to my sons and grandchildren.
My youngest grandson started at Cambridge University this year - a good use of our savings for him there.

waveneygnome

Does anybody know the actual date the new Probate fee structure is meant to occur?


In previous reporting its said 'April 2019'.......I've had a quick search and can't find the actual date?

Boleyn19

Apparently the recorded message on the probate line says it has not been decided yet. Apparently buried in the Chancellor's report it was classed as a tax, not a fee and so needs to be debated by parliament.

Crabman

I presume there hasn't been any change to the timescales for these fees? When are these expected to take effect?

Would it work to file a probate application now even if a family is still waiting to value the estate? In effect, to get the process started under the current fee regime?

pip895

Some values aren't often accurately known until some time after probate - like the value of a house just put on the market. You can indicate which values are provisional on form IHT400. I don't know however if they might reject an application with too many provisional figures in it.

Keep_pedalling

Crabman wrote: »

I presume there hasn't been any change to the timescales for these fees? When are these expected to take effect?

Would it work to file a probate application now even if a family is still waiting to value the estate? In effect, to get the process started under the current fee regime?

You should be safe brexit trumps every thing at the moment and BJ is only doing it anything else as an election bribe, so an increase in any sort of fees he will not want to be associated at the moment.