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Last EFIS release: 30/2003 (July 2003)

Form status: Deleted

Earlier this year, the Chancellor of the Exchequer announced changes in the Budget to the threshold at which Inheritance Tax becomes payable on a deceased person's estate.

The Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2003 will come into force on 1st August and prescribe the figure of £240,000 in respect of deaths which occur on or after 6th April 2003.

In addition, PROPEP2003 has been further amended to reflect the provisions of the Non-Contentious Probate Fees (Amendment) Order 2003 which came into force on 30th May 2003 and applied a reduced fee of £8.00 in respect of people exempt by virtue of Section 154 of the Inheritance Tax Act 1984 (e.g. members of the armed services who are killed in military action on or after 20th March 2003).

PROPEP2003 replaces PROPEP2002 so unless your firm may need to refer to PROPEP2002 in respect of Probate applications lodged before 1st August 2003, we would suggest that you delete PROPEP2002 from your system on or before 31st July. Please see deletion instructions below.

PROPEP2003 is a set of notes which are used to help practitioners complete forms PRO4, 4B, 5, 5B, 8, 9, 11, 12, 13, 14, 15 and 16 and should not be used before 1st August 2003 In accordance with the 2003 Regulations.

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