Jane Hunt MP asked:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 29 September 2021 to Question 52624 on the probate limit, what assessment he has made of the potential merits of increasing the probate limit of premium bonds.
The Rt Hon John Glen MP, Financial Secretary to the Treasury, responded:
As required by legislation governing NS&I, NS&I will request a Grant of Probate for any holding over £5,000. Making payment without probate comes with some risk, as there could be a subsequent successful claim on the deceased’s estate. The cost of having to pay out against a second claim would be borne by the taxpayer.
The Government will keep under review the effect of increasing the probate limit that applies to customer holdings in National Savings and Investments (NS&I).
