Public Trustee (Fees) (Amendment) Order 2003

• Citation: S.I. 2003/690
• Sections: 11

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Public Trustee (Fees) (Amendment) Order 2003 and shall come into force on 1st April 2003.

(2) In this Order an article referred to by number alone means the article so numbered in the Public Trustee (Fees) Order 1999 .

Section 2 Amendments to the Public Trustee (Fees) Order 1999

In article 7(2) for paragraph (b) substitute—

(b) remit the whole or part of any fee where, and to the extent that, it appears to him equitable to do so having regard to—

(i) the nature and character of the estate, trust or other matter;

(ii) the work conducted in respect of which the fee is charged; and

(iii) the impact of the fee upon a beneficiary or beneficiaries.

Section 3 Amendments to the Public Trustee (Fees) Order 1999

In article 11(2)—

(a) for the words from “in respect of the first £50,000” to the words “shall not be less than £550.” substitute—

; and

in paragraph (b) of the proviso, for “£100” substitute “£150”.

Section 4 Amendments to the Public Trustee (Fees) Order 1999

In article 17(4) for the words from “in respect of the first £30,000” to the words “shall not be less than £30” substitute—

Section 5 Amendments to the Public Trustee (Fees) Order 1999

In article 18 for “3.5 per cent” substitute “5 per cent”.

Section 6 Amendments to the Public Trustee (Fees) Order 1999

(1) In article 19 for the words from “A withdrawal fee shall be payable” to “except where” substitute—

A withdrawal fee shall be payable—

upon the Public Trustee ceasing to act—

as trustee or manager of any scheme or funds under Part VII of this Order; or

in any estate or trust,

whether upon retirement or otherwise; or

upon the withdrawal or distribution of any part of the estate or the trust property, or, as the case may be, of the capital of a scheme or fund under Part VII of this Order,

except where

(2) In sub-paragraph (iv) of article 19, after “trust property” insert “or, as the case may be, capital of a scheme or fund under Part VII of this Order”.

Section 7 Amendments to the Public Trustee (Fees) Order 1999

In article 20—

(a) in paragraph (2) for the words from “The relative percentage” to the words “withdrawal or distribution” substitute—

(2) The relative percentage shall be—

(a) 2 times the effective rate of administration or management fee charged on that property on the assessment date immediately prior to withdrawal or distribution, where the Public Trustee ceases to act as trustee or manager of any scheme or fund under Part VII of this Order, or in any estate or trust, upon retirement; and

(b) 4 times the effective rate of administration or management fee charged on that property on the assessment date immediately prior to withdrawal or distribution, in any other case

(b) in paragraph (3) for “1 2/13 per cent” substitute “3.75 per cent where the Public Trustee ceases to act upon retirement and 1.875 per cent in any other case”.

(c) after paragraph (3) insert—

(4) Where some or all of a fee has been remitted, the references in this article to administration or management fee charged shall mean such fee as would have been charged but for the remission.

Section 8 Amendments to the Public Trustee (Fees) Order 1999

In article 24(1) for “3.5 per cent” substitute “5 per cent”.

Section 9 Amendments to the Public Trustee (Fees) Order 1999

In article 29—

(a) in paragraph (a) for “£20” substitute “£40”; and

(b) in paragraph (b) for “£10” substitute “£20”.

Section 10 Amendments to the Public Trustee (Fees) Order 1999

In article 30—

(a) in paragraph (2) after “and” insert “, subject to paragraph (3),”; and

(b) after paragraph (2) insert—

(3) In the event that agreement is not reached in accordance with paragraph (2), the management fee shall be 1.58 times the annual fee last charged or, if not actually charged, chargeable, before 1st April 2003.

Section 11 Transitional provision

(1) Article 2 of this Order has effect in relation to a withdrawal fee payable upon the Public Trustee ceasing to act in any scheme or fund under Part VII of the Public Trustee (Fees) Order 1999, or in any estate or trust, upon retirement, where the fee was payable on or after 1st April 2001.

(2) Subject to paragraph (1), this Order has effect only in relation to fees payable on or after 1st April 2003, 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.