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Article 20 Amount of withdrawal fee

Original text. Later amendments are not shown.

(1)

Subject to paragraph (4), the withdrawal fee is charged at a relative percentage of the gross capital value of the property withdrawn or distributed.

(2)

Subject to paragraph (3), the relative percentage is—

(a)

one half of the effective rate of administration or management fee charged on that property on the assessment date immediately prior to withdrawal, other than where the public trustee ceases to act on retirement, in any estate or trust; and

(b)

equivalent to the effective rate of administration or management fee charged on that property on the assessment date immediately prior to withdrawal or distribution, in any other case.

(3)

Where the property did not form part of the estate or trust on the assessment date prior to withdrawal or distribution the value of that property on its acceptance valuation date will be used to determine the effective rate of the administration fee as if it had formed part of the estate or trust on the assessment date prior to withdrawal or distribution.

(4)

Where the public trustee ceases to act as trustee or manager of any scheme or fund under Part 8—

(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is reached, the withdrawal fee will be charged as a relative percentage of the gross capital value of the property withdrawn or distributed equivalent to the effective rate of administration or management fee charged on that property on the assessment date immediately prior to the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.

(5)

In this article—

  • “assessment date” means whichever of the following dates next precedes the date on which the fee is payable—

    1. (a)

      1st April, in the case of any estate or trust subject to administration fee under Part 5, or

    2. (b)

      the accounting date in the case of any scheme or fund subject to management fee under Part 8;

  • “effective rate” means the percentage rate determined by the formula (a/b) x 100 where—

  • “a” equals the amount of administration or management fee charged, or deemed to have been charged, on the property on the assessment date prior to withdrawal or distribution; and

  • “b” equals the value on which that fee was, or was deemed to have been, assessed.

(6)

Where some or all of a fee has been remitted, the references in this article to administration or management fee charged mean such fee as would have been charged but for the remission.