Rise in probate fees likely to hit farmers hard
The proposed change to probate fees, in relation to the value of the property left behind, in which the cost could rise from the current £150 flat fee to £20,000 for estates worth more than £2m, is likely to hit family farms disproportionately hard, according to Farmers Weekly.
While farms are high in value, putting them in to the higher band, cash is often short, meaning that some may need to borrow cash against assets in order to pay the fee when applying for grant of probate.
There is also the danger that property may be transferred during lifetime in order to save these costs, causing farmers financial instability in later years.