Explanatory note
(This note is not part of the Order)
This Order amends the Public Trustee (Fees) Order 1999 (S.I. 1999/855), which was amended by the Public Trustee (Fees) (Amendment) Order 2002 (S.I. 2002/2232) and further amended by the Public Trustee (Fees) (Amendment) Order 2003 (S.I. 2003/690) and the Public Trustee (Fees) (Amendment) Order 2004 (S.I.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 fee | Current Fee | New fee |
|---|---|---|
(*) 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. | ||
| Article 11(2): Executorship fee (rate calculated in accordance with Article 11(1)): | ||
| In respect of the first £50,000 | 10 per cent | 12.5 per cent |
| In respect of any excess over £50,000 up to £75,000 | 8 per cent | 10 per cent |
| In respect of any excess over £75,000 up to £100,000 | 4 per cent | 5 per cent |
| In respect of any excess over £100,000 | 3 per cent | 3.8 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 £30,000 | 3.75 per cent | 4.65 per cent |
| In respect of any excess over £30,000 up to £150,000 | 2.15 per cent | 2.70 per cent |
| In respect of any excess over £150,000 up to £375,000 | 1.6 per cent | 2 per cent |
| In respect of any excess over £375,000 up to £2,500,000 | 1 per cent | 1.25 per cent |
| In respect of any excess over £2,500,000 up to £3,000,000 | 0.5 per cent | 0.6 per cent |
| In respect of any excess over £3,000,000 | 0.25 per cent | 0.3 per cent |
| Minimum fee payable | £300 | £375f1 |
| 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 cent | 7.5 per cent |
| Article 30(3): Management fee (fee to be charged where no agreement under article 30(2)) | 1.35 times annual fee last charged | 1.25 times annual fee last charged |
Annotations
Footnotes
- f1
(*)
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.