Office of Public Sector Information

PART 6 Withdrawal fee

When withdrawal fee payable

19.  A withdrawal fee is payable—

(a) on the public trustee ceasing to act—

(i) as trustee or manager of any scheme or funds under Part 8 whether on retirement or otherwise; or

(ii) other than on retirement, in any estate or trust; or

(b) on the withdrawal or distribution of any part of the estate or the trust property, or, as the case may be, of the capital of a scheme or fund under Part 8, except where—

(i) the public trustee ceases to act as executor of an estate in respect of which an executorship fee is payable;

(ii) trust property held on a declaration of trust in favour of one beneficiary only is withdrawn for the purpose of transfer to a new executorship or a new trust accepted by the public trustee;

(iii) the public trustee is acting other than as trustee or manager of any scheme or fund under Part 8 and the trust or estate has, in the opinion of the public trustee, a total value of £30,000 or less on 31st March 2004; or

(iv) trust property or, as the case may be, capital of a scheme or fund under Part 8, is withdrawn for the purpose of paying any fees prescribed by this Order.

Amount of withdrawal fee

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to paragraph (4), the withdrawal fee is charged at a relative percentage of the gross capital value of the property withdrawn or distributed.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

“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.

PART 7 Fees for special services

Insurance fee

21.  If the public trustee is paid commission when effecting or renewing a policy of insurance on any trust property, a fee is payable in an amount equal to the amount of the commission paid.

Commission fee

22.—(1) On any dealing in securities, a fee is payable equal to the amount of any stockbroker’s commission refunded to the public trustee.

(2) Where a commission is received by the public trustee on any deposit of money, a fee is payable equal to the amount of the commission received.

Supervision of investigation or audit fee

23.  A fee of £750 is payable to the public trustee for the supervision of any investigation or audit under section 13 of the Public Trustee Act 1906(5).

Income collection fee

24.—(1) Subject to the following paragraphs, an income collection fee at the rate of 7.5 per cent is payable at such time or times as the public trustee may direct in respect of the gross income of any estate or trust received by the public trustee.

(2) Where the public trustee receives income from dividends or interest after deduction of tax, the income collection fee is payable in respect of the income so received.

(3) Where the public trustee is acting exclusively under a declaration of trust for one beneficiary only, the income collection fee is payable at one-half of the rate payable under paragraph (1).

(4) No fee is payable under this article in respect of an annuity or other terminable payment to which article 18 applies.

(5) The public trustee may remit so much as appears equitable of any fee payable under this article where—

(a) the public trustee’s duties have been or are likely to be exceptionally simple; or

(b) the circumstances are otherwise exceptional.

Investigation fee

25.—(1) On being asked to act as trustee of an existing trust, the public trustee may demand the deposit of such fee or fees as is deemed sufficient to cover the cost of examining and considering relevant documents and accounts whether or not the public trustee subsequently accepts appointment as trustee.

(2) If the public trustee is subsequently appointed, the public trustee may set off all or part of the fee or fees deposited under paragraph (1) against fees then due under Parts 3 or 4.

(3) When the public trustee renounces probate of any will (or other testamentary disposition) of which the public trustee has been appointed executor, the public trustee may charge a fee commensurate with the work involved in the public trustee’s investigation of the assets and liabilities of the estate.

Fee for agency work

26.  On acting as agent, the public trustee is entitled to make such a charge commensurate with the amount of work involved as the public trustee may determine.

Fee for additional work

27.  The public trustee is entitled to make a reasonable additional charge according to the work involved in—

(a) dealing with a business;

(b) dealing with assets situated outside the United Kingdom;

(c) supplying information for the purpose of any proposed dealing with a beneficial interest or for registering a notice of charge;

(d) dealing with freehold or leasehold property or a mortgage;

(e) supplying copies of documents and additional copies of accounts;

(f) an administration following the cessation of a life or other interest in property in circumstances in which no withdrawal fee is payable;

(g) work incidental to any application to the court in connection with the administration of an estate or trust;

(h) conducting a hearing in accordance with rule 37 of the Public Trustee Rules 1912(6); or

(i) dealing with duties of an unusual, complex or exacting nature.

Registration and enquiry fees

28.  A fee is payable in respect of trusts or estates in which the public trustee is nominated to receive notices under section 138 of the Law of Property Act 1925(7)—

(a) for accepting nomination, a fee of £100;

(b) for the entry of each notice, a fee of £35 (such fee to cover any necessary acknowledgement of the notice);

(c) for permitting any authorised person to inspect and take copies of the register and of any notices, a fee of £35 for each inspection in respect of each trust or estate; and

(d) for replying to an enquiry respecting notices, a fee not exceeding £85 for each reply in respect of each trust.

Fees for registration of documents in respect of deceased persons and searches of the register

29.  The following fees are payable in respect of the functions of the public trustee under section 19 of the Law of Property (Miscellaneous Provisions) Act 1994(8) (functions of public trustee in relation to notices etc.)—

(a) for entering details of documents on the register, £40 for each deceased person against whose name the details are registered, payable in relation to each property in respect of which registration is made; or

(b) for causing a search of the register to be made, £20 for each name or variation of a name against which the search is made.