The Administration of Estates Act 1925 (Fixed Net Sum) Order 2020

Publication Date:January 01, 2020
 
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2020No. 33

FAMILY PROVISION, ENGLAND AND WALES

INTESTACY

The Administration of Estates Act 1925 (Fixed Net Sum) Order 2020

Made14thJanuary2020

Laid before Parliament15thJanuary2020

Coming into force6thFebruary2020

The Lord Chancellor, in exercise of the powers conferred by paragraphs 3(1), 6(1) and 7(2) of Schedule 1A to the Administration of Estates Act 1925( 1), makes the following Order:

Citation and commencement

1. This Order may be cited as the Administration of Estates Act 1925 (Fixed Net Sum) Order 2020 and comes into force on 6th February 2020.

Fixed Net Sum

2. The fixed net sum referred to in paragraph (B) of case (2) of the Table in section 46(1)(i) of the Administration of Estates Act 1925( 2) is to be £270,000.

14th January 2020

Robert Buckland

Lord Chancellor

Ministry of Justice

EXPLANATORY NOTE

(This note is not part of the Order)

This Order specifies the fixed net sum referred to in paragraph (B) of case (2) of the Table in section 46(1)(i) of the Administration of Estates Act 1925 (c. 23).

The fixed net sum is the sum charged to the residuary estate in favour of the surviving spouse or civil partner where a person dies intestate leaving issue.

The fixed net sum has been calculated in accordance with paragraph 7(2) of Schedule 1A to the Administration of Estates Act 1925, which applies unless the Lord Chancellor otherwise determines or if the consumer prices index has not increased since the previous fixed net sum was determined. The calculation provides for the previous fixed net sum to be increased by reference to the increase in the consumer prices index and rounded up to the nearest multiple of £1,000.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.

(1) 1925 c. 23(Regnal 15 and 16 Geo 5). Schedule 1A was inserted by the Inheritance and Trustees' Powers Act 2014 (c. 16), section 2(1) and Schedule 1.

(2) Section 46(1) was amended by the Intestates' Estates Act 2014 (c. 64), section 1, the Civil Partnership Act 2004 (c. 33), section 71 and, Schedule 4, Part 2, paragraph 7 and the Inheritance and Trustees' Powers Act 2014 (c. 16), section 1.

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