The Public Trustee (Fees) (Amendment) Order 2004

• Citation: S.I. 2004/799
• Sections: 8

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Public Trustee (Fees) (Amendment) Order 2004 and shall come into force on 1st April 2004.

(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 Amendment to the Public Trustee (Fees) Order 1999

In article 11(2)—

(a) for “7.7 per cent”, substitute “10 per cent”;

(b) for “6 per cent”, substitute “8 per cent”;

(c) for “3 per cent”, substitute “4 per cent”;

(d) for “2 per cent”, substitute “3 per cent”; and

(e) for “£770”, substitute “£1,000”.

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

In article 17(4)—

(a) for “2.25 per cent”, substitute “3.75 per cent”;

(b) for “1.75 per cent”, substitute “2.15 per cent”;

(c) for “1.25 per cent”, substitute “1.6 per cent”;

(d) for “0.75 per cent”, substitute “1 per cent”;

(e) for the words “in respect of any excess over £2,500,000” to “0.25 per cent”, substitute—

(f) for “£60”, substitute “£300”;

(g) in paragraph (c), omit “and”; and

(h) after paragraph (d), insert—

; and

(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

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

In article 19, for sub-paragraph (iii), substitute—

(iii) the Public Trustee is acting other than as trustee or manager of any scheme or fund under Part VII of this Order and the trust or estate has, in the opinion of the Public Trustee, a total value of £30,000 or less on 31st March 2004; or

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

In article 20—

(a) in paragraph (1), for “The withdrawal fee”, substitute “Except where paragraph (2A) applies, the withdrawal fee”;

(b) in paragraph (2)—

(i) for sub-paragraph (a), substitute—

(a) one half of the effective rate of administration or management fee charged on that property on the assessment date immediately prior to withdrawal, where the Public Trustee ceases to act upon retirement; and

(ii) in sub-paragraph (b), for “4 times”, substitute “equivalent to”; and

(c) after paragraph (2), insert—

(2A) Where the Public Trustee ceases to act as trustee or manager of any scheme or fund under Part VII of this Order—

(a) the withdrawal fee is 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 involved in the cessation and the capital value of the fund; or

(b) where no such agreement is reached, the withdrawal fee shall be 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 that property on the assessment date immediately prior to the withdrawal or distribution

(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”.

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

In article 24(1), for “5 per cent”, substitute “6 per cent”.

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

In article 30(3)—

(a) for “1.58”, substitute “1.35”; and

(b) for “2003”, substitute “2004”.

Section 8 Transitional provisions

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.