Probate charges slashed on Manx life assurance policies

The Isle of Man has slashed probate fees on life assurance policies for non-residents, just three years after they raised them tenfold.

The new maximum charge for a grant of probate where the only asset is a life assurance policy for a non-resident is now £250, including a sealed copy of the grant.

This is down from the previous maximum of £8,000 on an estate worth £1 million or more. However if there are more assets than a life assurance policy, the fees remain unchanged.

In the UK the current fee for a grant of probate is £155 for an estate worth more than £5,000. However this is set to increase from next year.

Sean Christian, Executive Director for Canada Life’s international businesses said: “We were concerned at the recent hike in probate costs and are very pleased that the government has listened to our concerns and has introduced the new rates.

“This move underlines the competitiveness of the Isle of Man as a stable, low cost jurisdiction to do business and is a glowing example of the unique partnership that exists between Isle of Man businesses and government to ensure the Island remains an efficient and effective place to do business.”

Today's Wills and Probate