Citation, commencement and interpretation

1

(1)    This Order may be cited as the Public Trustee (Fees) (Amendment) Order 2005 and shall come into force on 1st April 2005.

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

NOTES
Initial Commencement
Specified date

Specified date: 1 April 2005: see para (1) above.

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Amendments to the Public Trustee (Fees) Order 1999

2

Amendments to the Public Trustee (Fees) Order 19992

In article 11(2)—

(a)    for “10 per cent”, substitute “12.5 per cent”;

(b)    for “8 per cent”, substitute “10 per cent”;

(c)    for “4 per cent”, substitute “5 per cent”;

(d)    for “3 per cent”, substitute “3.8 per cent”; and

(e)    for “£1,000”, substitute “£1,250”.

NOTES
Initial Commencement
Specified date

Specified date: 1 April 2005: see art 1(1).

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3

3

In article 17—

(a)    in paragraph (4)—

(i)    for “3.75 per cent”, substitute “4.65 per cent”;

(ii)    for “2.15 per cent”, substitute “2.7 per cent”;

(iii)    for “1.6 per cent”, substitute “2 per cent”;

(iv)    for “1 per cent”, substitute “1.25 per cent”;

(v)    for “0.5 per cent”, substitute “0.6 per cent”;

(vi)    for “0.25 per cent”, substitute “0.3 per cent”; and

(vii)    for “£300”, substitute “£375”, and

(b)    in paragraph (5)(a) for “30 September 2002”, substitute “30 September 2004”.

NOTES
Initial Commencement
Specified date

Specified date: 1 April 2005: see art 1(1).

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4

4

In article 24(1) for “6 per cent”, substitute “7.5 per cent”.

NOTES
Initial Commencement
Specified date

Specified date: 1 April 2005: see art 1(1).

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5

5

In article 30(3)—

(a)    for “1.35”, substitute “1.25”; and

(b)    for “1st April 2004”, substitute “1st April 2005”.

NOTES
Initial Commencement
Specified date

Specified date: 1 April 2005: see art 1(1).

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Transitional provisions

6

Transitional provisions6

This Order has effect only in relation to fees payable on or after 1st April 2005, 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.

NOTES
Initial Commencement
Specified date

Specified date: 1 April 2005: see art 1(1).

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Signature

Signed by authority of the Lord Chancellor

Cathy Ashton

Parliamentary Under Secretary of State

Department for Constitutional Affairs

18th February 2005

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EXPLANATORY NOTE

EXPLANATORY NOTE (This note is not part of the Order)

This Order amends the Public Trustee (Fees) Order 1999 (SI 1999/855), which was amended by the Public Trustee (Fees) (Amendment) Order 2002 (SI 2002/2232) and further amended by the Public Trustee (Fees) (Amendment) Order 2003 (SI 2003/690) and the Public Trustee (Fees) (Amendment) Order 2004 (SI 2004/799) and comes into force on 1 April 2005, in relation to fees payable on or after that date.

The table below sets out where executorship fees and annual administration fees have been increased. In addition, for the purposes of calculating the administration fee, this Order provides that the estate or trust will be valued as at 30 September 2004 (provided that the Public Trustee was acting on that date), instead of 30 September 2002.

Description of feeCurrent FeeNew fee
Article 11(2): Executorship fee (rate calculated in accordance with Article 11(1)):
In respect of the first £50,00010 per cent12.5 per cent
In respect of any excess over £50,000 up to £75,0008 per cent10 per cent
In respect of any excess over £75,000 up to £100,0004 per cent5 per cent
In respect of any excess over £100,0003 per cent3.8 per cent
Minimum amount of fee payable£1,000£1,250
Article 17(4): Administration fee (relevant percentages of net capital value of the estate or trust fund):
In respect of the first £30,0003.75 per cent4.65 per cent
In respect of any excess over £30,000 up to £150,0002.15 per cent2.70 per cent
In respect of any excess over £150,000 up to £375,0001.6 per cent2 per cent
In respect of any excess over £375,000 up to £2,500,0001 per cent1.25 per cent
In respect of any excess over £2,500,000 up to £3,000,0000.5 per cent0.6 per cent
In respect of any excess over £3,000,0000.25 per cent0.3 per cent
Minimum fee payable£300£375(*)
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)6 per cent7.5 per cent
Article 30(3): Management fee (fee to be charged where no agreement under article 30(2))1.35 times annual fee last charged1.25 times annual fee last charged

(*) The annual administration fee is capped at 10% of the net capital value of the trust where the net capital value is less than £3,000.

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