With the Probate Registry tackling a backlog of applications, probate property sales are suffering as a result of delays. In addition families are experiencing issues with payment of Inheritance Tax (IHT). Applications are taking anywhere between 16 and 26 weeks
On 1 January 2022, changes to Inheritance Tax (IHT) reporting requirements came into force via The Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2021. The changes themselves are fairly technical in nature. To go into too much detail
HM Courts and Tribunals Service (HMCTS) has revealed, to probate practitioners, that the volume of probate applications has fallen during lockdown. Normally, they would receive around 5,000-6,000 submissions a week. Since the lockdown was imposed, however, numbers have halved –
UK Inheritance Tax (IHT) receipts are currently at an all time high, hitting a record £5.4bn in 2018/19, and only look set to grow again in the coming year. The nil-rate band (NRB), now in its tenth year of being