As parliamentary time has been taken up on other, more pressing matters, the date for the motion to approve the new probate regime has been delayed.
Advisors were expecting the new rules, which are based on the value of the estate, (the details are in my recent blog) to come into effect on 1 April. In anticipation of the changes, HMRC were dealing with a high volume of enquiries from advisors about the process of registering an estate for inheritance tax (IHT), which is necessary prior to probate registration.
In a move to help advisors during this period and avoid a bottle neck, HMRC has announced that it is relaxing its position on the IHT registration process.
Probate registries will accept applications before IHT processing by HMRC, as long as they are assured that the IHT forms will be sent to them shortly.
This temporary move by HMRC will help prevent the probate registration process from slowing down while HMRC wait for the changes to the probate fees to come into effect.
Please do get in touch if you would like further advice on non-contentious probate matters.