After receiving 1,600 responses, HMRC have published the outcome to their consultation, ‘storage and retention of original will documents’ which had outlined proposals for introducing a digital system for preserving paper wills currently held in storage.

Elderly couple signing document will inheritance planning

The Principal Probate Registry currently holds 110 million paper wills which are stored along with Probate applications. The estimated annual cost of storing these is £4.5 million.

The original consultation sought responses on the following:

  • The possibility of moving to a digital system to store and preserve wills currently held in storage.
  • Would there be any retention period for the original paper wills before being destroyed.
  • Should a digital system apply to historical figures, notable figures and celebrities.
  • How should the legislation be amended if a decision is made to move to a digital system:
    • Via the electronic Communications Act 2000,
    • By pursuing primary legislative reform in a Bill before parliament.

The responses to the consultation raised a significant number of issues on digitising the current archive of wills such as security, reliability, durability and authenticity.  There was support for the move to digital form, provided the original copy was kept in paper form.  The destruction of the original paper wills was a largely unpopular proposal.  

Next Steps:

Due to the large response regarding the destruction of the original paper wills, no procedures will be put in place to destroy the current paper wills.

Consideration will, however, need to be given to the costs associated with storing the 110 million wills currently in storage, this will likely be in the form of increasing the cost of obtaining a copy of a will. 

Useful guides on this topic

IHT: What has changed in the Autumn Budget 2024
Subscriber essential briefing: added value CPD!

IHT: Estate Planning Checklist
This checklist covers some of the essential planning points that taxpayers should know when planning for their estate and Inheritance Tax (IHT). 

Top Ten Planning Tips for IHT
The Budget recently made a number of changes to Inheritance Tax (IHT). What are the ten top IHT planning tips to consider?

Estates: Income Tax and Capital Gains Tax
How do executors deal with income and capital gains arising on the deceased’s estate? What allowances and reliefs are available?

Probate: At a glance
When someone dies, it is often necessary to apply for probate. What is probate? When is probate needed? Who can apply for probate? What happens if someone dies without a will?

Deed of Variation
What is a Deed Of Variation? When can a Deed Of Variation be used? What are the requirements for a valid Deed Of Variation?

External link

Consultation: Storage and retention of original will documents. 

Squirrel advert

Loving our content? 😍
Sign up Now!
For free tax news, cases,
discounts & special tax briefings

We hope you are enjoying this amazing Practical Tax Database here at www.rossmartin.co.uk.

 

.