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The Public Trustee (Fees) (Amendment) Order 1992
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- UK Statutory Instruments
- 1992 No. 724
- Explanatory Note
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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 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.
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