Clear guidance on what accountants can and can’t do without a probate licence has been issued by the Institute of Chartered Accountants in England and Wales (ICAEW).
Accountants who manage an estate for a client but aren't licensed to do probate work may face disciplinary action from August 2015.
Under the new rules, if a chartered accountant makes decision for a client, such as completing and submitting an IHT400 to the Inland Revenue, and is paid for the service, they should have a probate licence.
"The overarching principle applied is that where a member or member firm engages in estate administration services (be it as executor or acting for the executor) and also undertake probate-related activities which are managed as a process and a fee is involved, then the practitioner should be licensed for the reserved service," the ICAEW says.
Read more: Today’s Wills and Probate