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Statutory Instruments
1994 No. 714
TRUSTEES
The Public Trustee (Fees) (Amendment) Order 1994
Made
9th March 1994
Coming into force
1st April 1994
1. This Order may be cited as the Public Trustee (Fees) (Amendment) Order 1994 and shall come into force on 1st April 1994.
2. In article 17(4) of the Public Trustee (Fees) Order 1985(3) ("the principal order"), for the words from "in respect of the first £30,000" to the words "0.2 per cent." there shall be substituted-
| "in respect of the first £30,000 | 1.65 per cent |
| in respect of any excess over £30,000 up to £150,000 | 1.38 per cent |
| in respect of any excess over £150,000 up to £375,000 | 0.825 per cent |
| in respect of any excess over £375,000 up to £2,500,000 | 0.55 per cent |
| in respect of any excess over £2,500,000 | 0.22 per cent." |
3. For paragraph (5) of article 17 of the principal order there shall be substituted the following paragraph-
"(5) In this article-
"appropriate valuation date" means whichever of the following dates most recently precedes the date on which the fee is payable:-
(a)1st July 1984 in the case of any estate or trust in which the Public Trustee was acting on that date;
(b)1st July 1987 in the case of any estate or trust in which the Public Trustee was acting on that date;
(c)30th September 1991 in the case of any estate or trust in which the Public Trustee was acting on that date;
(d)30th September 1993 in the case of any estate or trust in which the Public Trustee was acting on that date;
(e)in any other case, the acceptance valuation date of the estate or trust; and
"relevant period" means the period between the appropriate valuation date and the date on which the fee is payable.".
Irvine Patnick
Nicholas Baker
Two of the Lords Commissioners of Her Majesty's Treasury.
Dated 7th March 1994
I hereby signify my sanction
Mackay of Clashfern, C.
Dated 9th March 1994
Explanatory Note
(This note is not part of the Order)
This Order amends the Public Trustee (Fees) Order 1985 in the following ways.
1. For the administration fee payable the percentage payable in respect of each ad valorem band is increased; and
2. It revises the date for valuing the net capital value of an estste or trust fund for the purpose of calculating the administration fee payable.
The administration fee percentages were last revised in 1992 and the overall effect of the changes made by this Order is to increase the fees by about 10 per cent.