Probate News 9 - April 2019
In this issue, we highlight a temporary process which is in place for probate and remind our firms of the upcoming final deadlines for the probate diversity survey.
In this issue:
Temporary process in place for applying for probate
While the upcoming changes to probate fees (see our article in issue 7) are being considered there is a temporary process in place for applying for probate.
The government is proposing to change the current probate fee structure from a flat rate fee to one based on the value of the estate.
To get probate the person dealing with the estate must first submit an Inheritance Tax account to HM Revenue and Customs (HMRC).
Probate registries won’t normally accept an application for probate until HMRC has confirmed that it has processed the Inheritance Tax account. However, while the process for introducing the new fee structure is ongoing, probate registries will accept applications for probate before the account has been processed by HMRC. The application must include a note to say that the appropriate Inheritance Tax forms will follow shortly.
2019 Probate diversity survey - deadlines approaching
Your aggregated, anonymised results should be published on your website by 12 April 2019.
Your survey results should be sent to regulatorysupport@icaew.com by 30 April 2019. This is the final survey deadline.
Please note, late submissions may result in a regulatory penalty from the ICAEW Probate Committee.
Visit icaew.com/probatediversity for more information including a recording of our diversity webinar, submission template and FAQs.
Would you like to be featured in ICAEW’s 2019 probate diversity report?
LinkedIn’s recent report, Global Recruiting Trends 2018, found that ‘diversity is directly tied to company culture and financial performance’. They found the top reasons companies focus on diversity are to improve culture (78%), to improve company performance (62%) and to better represent customers (49%).
If an increase in diversity has benefitted your firm, we’d love to share your success story. Please contact stephanie.patterson@icaew.com
ICAEW’s Best Practice Guide to Price and Service Transparency
Following our recent consultation on our draft Best Practice Guide, we are now preparing the final version. Look out for your copy of the guide, which will be posted to you during May.