Additional Tax Allowance for Property Owners - The Full Story
13 March 2017
Next month sees the introduction of the Residence Nil Rate Band, offering those with children or remoter descendants who own their own property a substantial additional inheritance tax allowance.
However, the following month, probate fees are going to increase from the current rate paid on solicitor applications, being £155 to in some cases as much as £20,000. The fee increase is on a sliding scale starting at £300 for estates under £300,000 and rising sharply as detailed below:
- £300 for estates worth more than £50,000 and up to £300,000
- £1,000 for estates worth more than £300,000 and up to £500,000
- £4,000 for estates worth more than £500,000 and up to £1 million
- £8,000 for estates worth more than £1m and up to £1.6 million
- £12,000 for estates worth more than £1.6m and up to £2 million
- £20,000 for estates worth more than £2 million
Potentially more worrying are the rumours coming out that plans are in place to increase the rate of inheritance tax from 40% to cover the increasing cost of social care, reported in the media here: https://www.theguardian.com/commentisfree/2017/mar/02/philip-hammond-inheritance-tax-plans-revenge-undead
For additional information on any of the points raised above, please don’t hesitate to contact a member of our private client team.
Clarkslegal, specialist Real Estate lawyers in London, Reading and throughout the Thames Valley.
For further information about this or any other Real Estate matter please contact Clarkslegal's real estate team by email at firstname.lastname@example.org by telephone 020 7539 8000 (London office), 0118 958 5321 (Reading office) or by completing the form on this page.
This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full General Notices on our website.
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