Press comment: Probate fee u-turn | Old Mutual Wealth
Share
Print
Print Share

Press comment: Probate fee u-turn

21/04/2017

On Wednesday the probate fee order was still being discussed in parliament. However, reports late last night indicate the Ministry of Justice have taken the view that it won’t be possible to pursue the changes before the election.

If you’re covering this issue please see the following comment from Gordon Andrews, tax and financial planning expert at Old Mutual Wealth:

"The u-turn on the increase to probate fees reveals concerns over the regulation’s unpopular nature. The label as a stealth tax has made it unpalatable to the government in the run up to the snap election.

“This is the second u-turn since the Spring Budget, following the Chancellor’s swift u-turn on NICs. This leaves an even larger gap in the exchequer, which will now have to be filled.

“The opposition could view this as another tax break on the wealthy, since the proposal on probate fees stepped up depending on the value of the estate on death.

“With the announcement of the snap election a question mark was hovering over probate fees and the Finance Bill. With all parties fighting for votes, all eyes will be on how the Government will deal with other controversial proposals.

“Regardless of what happens now, the  current Conservative Government have drawn a line in the sand and have to some extent shown their hand – whilst these proposals have been shelved for now it will be interesting to see if the changes to probate fees are revisited after the election.

For more information contact

Kathleen GallagherOld Mutual Wealth023 8072 629307990 004932kathleen.gallagher@omwealth.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• Private Client Advisers to Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.