Article 12 When acceptance fee payable

Subject to paragraph (2), an acceptance fee is payable, in accordance with articles 13 to 15, on acceptance by the public trustee of any trust other than a trust consisting entirely of an annuity or other terminable payment purchased by any person in the name of, transferred to or covenanted to be paid by the public trustee for the benefit of some other person.

An acceptance fee is not payable in respect of any estate which the public trustee accepts as executor on or after 1st April 1977 during the period in which the public trustee so acts.