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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Public Trustee (Fees) (Amendment) Order 2004 No. 799 URL: http://www.bailii.org/uk/legis/num_reg/2004/20040799.html |
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| Made | 28th February 2004 | ||
| Coming into force | 1st April 2004 |
3.
In article 17(4) -
| in respect of any excess over £2,500,000 up to £3,000,000 | 0.5 per cent |
| in respect of any excess over £3,000,000 | 0.25 per cent"; |
(f) for "£60", substitute "£300";
(g) in paragraph (c), omit "and"; and
(h) after paragraph (d), insert -
(e) where the trust or estate has a net capital value of less than £3,000 (calculated in accordance with article 17(2)) the fee payable shall be 10 per cent of the net capital value".
4.
In article 19, for sub-paragraph (iii), substitute -
5.
In article 20 -
(c) after paragraph (2), insert -
(d) in paragraph (3), in the definition of "effective rate", omit the words from "but so that the rate" to "1.875 per cent in any other case".
6.
In article 24(1), for "5 per cent", substitute "6 per cent".
7.
In article 30(3) -
Transitional provisions
8.
This Order has effect only in relation to fees payable on or after 1st April 2004, and in relation to fees payable before that date the Public Trustee (Fees) Order 1999 shall have effect as if this Order had not been made.
Signed by authority of the Lord Chancellor
Filkin
Parliamentary Under Secretary of State, Department for Constitutional Affairs
28th February 2004
(ii) the withdrawal fee where the Public Trustee ceases to act as trustee or manager of any scheme or fund under Part VII becomes such amount as may be agreed between the Public Trustee and the other trustees of the scheme or society as commensurate with the amount of work required for the cessation and the capital value of the fund. Where no such agreement is reached the fee is charged as a relative percentage of the gross capital value of the property withdrawn or distributed equivalent to the effective rate of administration or management fee charged on the property on the assessment date immediately prior to the withdrawal or distribution; and
(iii) paragraph (3) of article 20 is amended so that there is no longer any cap on the effective rate.
| Description of fee | Current fee | New fee |
| Article 11(2): Executorship fee (rate calculated in accordance with Article 11(1)): | ||
| - in respect of the first £50,000 | 7.7 per cent | 10 per cent |
| - in respect of any excess over £50,000 up to £75,000 | 6 per cent | 8 per cent |
| - in respect of any excess over £75,000 up to £100,000 | 3 per cent | 4 per cent |
| - in respect of any excess over £100,000 | 2 per cent | 3 per cent |
| - minimum amount of fee payable | £770 | £1,000 |
| Article 17(4): Administration fee (relevant percentages of net capital value of the estate or trust fund): | ||
| - in respect of the first £30,000 | 2.25 per cent | 3.75 per cent |
| - in respect of any excess over £30,000 up to £150,000 | 1.75 per cent | 2.15 per cent |
| - in respect of any excess over £150,000 up to £375,000 | 1.25 per cent | 1.6 per cent |
| - in respect of any excess over £375,000 up to £2,500,000 | 0.75 per cent | 1 per cent |
| - in respect of any excess over £2,500,000 up o £3,000,000 (previously not capped at £3,000,000) | 0.25 per cent | 0.5 per cent |
| - minimum fee payable | £60 | £300 |
| Article 24(1): Income collection fee (rate to be payable as the Public Trustee may direct in respect of the gross income of any estate or trust received by him) | 5 per cent | 6 per cent |
| Article 30(3): Management fee (fee to be charged where no agreement under article 30(2)) | 1.58 times annual fee last charged | 1.35 times annual fee last charged |
[2] 1957 c. 12. Section 1 was amended by section 2(3) of the Public Trustee (Liability and Fees) Act 2002 (c. 35).back
[3] S.I. 1999/855 amended by S.I. 2002/2232 and S.I. 2003/690.back
