The Administration of Estates Act 1925 (Fixed Net Sum) Order 2020
S.I. 2020/33 · Made 14 January 2020
Family Provision, England And Wales
Intestacy
Made 14th January 2020
Laid before Parliament 15th January 2020
Coming into force 6th February 2020
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 1925f1, makes the following Order:
Annotations to the whole text
Footnotes
- f1
-
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.
Contents
1Citation and commencement
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.
2Fixed Net Sum
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 1925f1 is to be £270,000.
Signature
Robert Buckland
Lord Chancellor
Ministry of Justice
14th January 2020
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.