The Enterprise Investment Scheme: What tax reliefs are available?
In his latest article, experienced Corporate & Commercial Solicitor Paul Longland answers your questions on EIS tax relief.
If you have lost a loved one recently, you need to be aware of the increase in the probate court fees. The current fee is £215 for a personal application, or £155 if the application is made through a professional such as a solicitor. From May this year (the exact date is not yet confirmed), all applications received will then be subject to the new fees, which are as follows:
| Net value of estate | Proposed Fee |
|---|---|
| Up to £50,000 or exempt from requiring a grant of probate | £0 |
| Exceeds £50,000 but does not exceed £300,000 | £300 |
| Exceeds £300,000 but does not exceed £500,000 | £1,000 |
| Exceeds £500,000 but does not exceed £1 million | £4,000 |
| Exceeds £1 million but does not exceed £1.6 million | £8,000 |
| Exceeds £1.6 million but does not exceed £2 million | £12,000 |
| Exceeds £2 million | £20,000 |
Partner and Head of our Wills & Tax Team, Lee Young, says "The government did consult on these changes, and despite a virtually universal rejection of its proposals by the interested parties who responded, the proposal is being introduced exactly as originally envisaged without a single concession to the views expressed! It is therefore imperative, wherever possible, that there is no delay in your application for the grant of representation, if you want to avoid what will be, for the most part, a huge price rise. Delaying will only be of interest if the estate is less than £50,000, though such estates generally avoid the necessity for a grant of representation in any event."
There will undoubtedly be a huge surge of work over the next few weeks for both HMRC and the probate registries, though we can never really rely on the speed of turnaround of the former at the best of times. The Wills & Tax Team at Frettens is able to assist in all forms of grant application and any other issue connected to the administration of an estate.
Our Wills & Tax Team, based in Christchurch, also cover Bournemouth, Poole and the New Forest. If you have any questions, you only have to ask us at Frettens. Please call 01202 499255 and Lee or his team, will be happy to chat about your situation and you particular requirements.
