Statutory Instruments
TRUSTEES
Made
11th March 1992
Coming into force
1st April 1992
1. This Order may be cited as the Public Trustee (Fees) (Amendment) Order 1992 and shall come into force on 1st April 1992.
2. The Public Trustee (Fees) Order 1985(3) shall be amended in accordance with the following provisions of this Order and in those provisions a Part or article referred to by number means the Part or article so numbered in the said Order of 1985.
3. In article 17(4), for the words from “in respect of the first £20,000” to the words “less than £25:” there shall be substituted the following—
| “in respect of the first £30,000 | 1·5 per cent. |
| in respect of any excess over £30,000 up to £150,000 | 1·25 per cent. |
| in respect of any excess over £150,000 up to £375,000 | 0·75 per cent. |
| in respect of any excess over £375,000 up to £2,500,000 | 0·5 per cent. |
| in respect of any excess over £2,500,000 | 0·2 per cent. |
but so that the fee payable shall not be less than £30:”.
4. In the definition of “appropriate valuation date” in article 17(5),—
(a)for “1 July 1984” in sub-paragraph (a) there shall be substituted “1st July 1987”; and
(b)for “1 July 1987” in sub-paragraph (b) there shall be substituted “30th September 1991”.
5. Part VIII shall be omitted.
Thomas Sackville
Irvine Patnick
Two of the Lords Commissioners of Her Majesty’s Treasury.
Dated 9th March 1992
I hereby signify my sanction
Mackay of Clashfern, C.
Dated 11th March 1992
(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 under the 1985 Order, the ad valorem bands are widened and the percentage payable in respect of each such band is increased (article 3).
2. The valuation dates used to calculate administration fees are updated (article 4).
3. The management fee payable in respect of funds established under a common investment scheme are abolished consequential upon the provisions of the Administration of Justice Act 1982 (c. 53) and the Common Investment Scheme 1991 (S.I.1991/1209) which provide for such funds to be managed by an investment manager appointed by the Lord Chancellor rather than by the Public Trustee as formerly (article 5).
The administration fee bands and percentages were last revised in 1988 and the overall effect of the changes made by this Order is to increase the fee by about 20 per cent. in smaller cases and by about 50 per cent. in larger cases.