Barclays Bank Trust Company Limited
Terms and Conditions
Standard Terms and Conditions of Barclays Bank Trust Company Limited, (the
Company) in relation to Estates, Trusts, and Enduring Powers of Attorney.
1. In these Terms and Conditions 'the governing instrument'
means the will, settlement, enduring power of attorney or other instrument
under which the Company acts.
2. The Company may act through its own officers and employees
or those of Barclays Bank PLC or any associated company.
3. The Company will act as personal representative, trustee, or
attorney on the basis of its Standard Terms and Conditions for such
services as published at the date of the governing instrument or, in the case
of an intestacy, the date on which its duties begin, and its remuneration and
other charges will be calculated in accordance with and governed by those Terms
and Conditions but with power for the Company to act on the basis of and to be
remunerated and charge in accordance with its Terms and Conditions as amended
and published from time to time.
4. The remuneration and charges of the Company for its services
shall be paid in priority from the relevant estate or trust fund. All costs
disbursements and expenses of the Company in relation to the performance of its
duties will be charged separately.
5. Unless otherwise provided in the governing instrument, the
Company may decide how to allocate its remuneration, charges and expenses as
between income and capital, or as between different interests in income and
capital.
6. The Company and any associated person or company may effect
insurances on behalf of the estate or trust in respect of any risks of any kind
whatsoever which the Company considers may affect the estate or trust assets
and the premiums for such insurance may be charged by the Company against the
capital or income of the estate or trust at the Company’s discretion.
7. The Company and any associated person or company may:
(a) act as banker and transact any banking or allied business on normal banking
terms;
(b) retain the customary share of brokerage and any insurance or other
commissions including trail and similar commissions;
(c) perform any service and make charges commensurate with the service
rendered;
(d) employ any person or company as banker or to transact any business or to
provide any services or for any other purpose whether of a banking nature or
not;
and
(e) appoint any company or person as a director or officer of a company, shares
or securities of which may be property of the estate or trust, and retain any
remuneration received from the company or otherwise from the appointment,
without being liable to account for any profit thereby made.
8. The Company and any associated person or company shall not
be liable to account for any profit made in the ordinary course of business as
a result of the exercise of any power or discretion conferred by the governing
instrument, incorporating these Terms and Conditions, or by law.
9. Where the Company acts jointly with another or others, all
monies, securities and documents of title shall be held by or under the control
of the Company alone, the person or persons with whom it acts jointly having
all reasonable facilities for verification or inspection thereof, and the name
of the Company or its nominee shall be placed first in the registers of all
registered securities or other property.
10. The Company and its co-executors, co-administrators and
co-trustees shall have the power, without an order of the Court, to effect any
disposition or transaction which is in the opinion of the Company, its
co-executors, co-administrators and co-trustees expedient if counsel, who has
practised in the Chancery Division for at least 10 years, gives a written
opinion that the Court would authorise the Company its co-executors,
co-administrators and co-trustees under Section 57 of the Trustee Act to effect
it on the basis that the Court would be of the opinion that it was expedient.
11. The Company will normally continue a business (whether
incorporated or unincorporated) only with a view to sale, winding-up, or
transfer, and in any case the Company will be fully indemnified out of the
estate or trust against all liability relating to the business and all
consequent expenses and losses. The Company shall be entitled to employ in the
business such assets of the estate or trust as it shall think fit, whether or
not that property was employed in the business before its appointment.
12. The Company may take advice on any question concerning the
estate or trust and from such person as it thinks appropriate, and all charges
and expenses incurred in this way will be payable from the estate or trust.
13. Notwithstanding the terms of the governing instrument, the
Company is not obliged to accept or retain any property or other assets.
14. When cash fractions or share fractions are received as a result of company
reorganisations, scrip and rights issues, scrip dividends or any similar
distributions by corporate bodies and the cash fraction or the cash proceeds of
the sale of a share fraction in any trust, estate or attorneyship is less
than £5 for an investment registered in the United Kingdom or £10 for an
investment registered outside the United Kingdom, the Company may, at its sole
discretion, elect not to pay such fractions to the trust, estate or
attorneyship but instead:
(a) pay them to a body or bodies established for purposes regarded as
charitable under the law of England and Wales as it shall in its absolute
discretion determine;
or
(b) pay them to a trust established by the Company for similar purposes in the
same manner as aforesaid.
15. In the absence of an express contrary direction in a will,
the Trust Company, and any other executor or administrator acting with them,
shall have the power to apply the statutory power of appropriation without the
consents required by s.41 Administration of Estates Act 1925 being obtained,
and further that this power to appropriate without consent (in the absence of
any express contrary intention in the governing instrument) shall also apply
where the Trust Company acts, whether solely or jointly with others, as
trustee.
16. Financial Services and Markets Act 2000
(a) The Company is authorised and regulated in the course of its investment
business by the Financial Services Authority (FSA) and so will act in
accordance with such of the rules of the FSA or any other relevant regulatory
body as may be applicable from time to time.
(b) Unless otherwise provided in the governing instrument, the Company (and any
other persons acting together with it) may invest all or some of the property
of the estate or trust in units of any collective investment scheme including
schemes of which the Company or any associated company is a manager or trustee,
on the normal terms and without need to diversify investments.
(c) Purchase and sale transactions for quoted investments in any trust, estate
or power of attorney may be aggregated with like orders from other trusts,
estates or powers of attorney even where this may occasionally be to an
individual trust, estate or power of attorney's disadvantage.
17. The Standard Terms and Conditions of the Company may be
amended from time to time. Without prejudice to the validity and effect of any
other form of publication Terms and Conditions will be treated as 'published'
if available on the Company's internet site (www.wills.barclays.com)
or in printed form from Barclays Estates and Trusts, Osborne Court, Gadbrook
Park, Northwich, Cheshire CW9 7UE. In these Terms and Conditions, 'estate'
includes, where the Company is acting under a power of attorney, all property
to which the power relates.
18. The Company may, without being under any liability,
disclose or allow the disclosure of any information which it receives in any
capacity to a Government department or regulatory authority in any part of the
world, provided it reasonably believes that such Government department or
regulatory authority is entitled to require the Company to disclose or allow
the disclosure of the information in question.
19. Where the Company acts at the direction of the donor under
a power of attorney (whether before or after that power is registered):
a) the Company shall be entitled to access any information from the donor's
bankers, solicitors, accountants or other professional advisers that the
Company in its absolute discretion requires in order to manage the donor's
affairs
b) the Company shall have the right to access the original or a certified copy
of the donor's last will (and any codicils thereto) in order to assist them
with the management of the donor's affairs.
20. Unless the donor expressly requests the Company in writing
to undertake financial planning work aimed at reducing the donor's tax
liabilities (whether actual or potential) and the Company agrees in writing so
to do, the Company shall be under no obligation whatsoever on account of not
doing so.
21. These Terms and Conditions are to be construed and applied
in accordance with the law of England and Wales.
Current remuneration and charges of the Company subject to
change from time to time.
Fees for acting as executor or administrator
Our fee structure is designed to reflect the level of
responsibility and the work involved.
No fees are payable until the company commences its duties.
1. A responsibility fee of:
(a) 4.5% of the first £100,000 of the gross capital value plus
(b) 3.5% of the next £400,000 of the gross capital value plus
(c) 1.5% of the remaining gross capital value plus
2. An activity fee of:
(a) £400 for every 'relevant beneficiary' (see note 1)
(b) £75 for every 'asset' (see note 2).
Notes:
1. The 'relevant beneficiaries' are all those entitled immediately or within
two years after death to:
(a) an absolute interest in any part of the residue
and/or
(b) an interest in possession in any part of the estate settled by the will
but so that no person shall be counted twice.
2. An 'asset' is anything reasonably required in the course of
the administration of the estate to be valued separately from any other thing
except that:
(a) a house or flat (or a share in a house or flat) and its contents count as
one 'asset' if they all pass absolutely to one ascertained beneficiary;
(b) all assets held by Barclays and/or the Woolwich including cash balances,
managed assets etc. will be treated as one 'asset'
(c) the charge on any 'asset' of less than £750 value is limited to 10% of its
value.
3. A reduction in the above fees will be made in cases where
the Company considers it justifiable to do so because the administration has
proved exceptionally straightforward in relation to the value of the estate.
The assessment of how straightforward the estate has proved to be will be made
by the Company when the administration has been completed.
4. In addition to our scale fees detailed above, charges will
also be made in respect of the following:
(a) Valuation fees
(b) Taxation work
(c) Special work
Further details of these are provided below.
Fees for acting as trustee
(Charged only if the Company does act as trustee.)
1. Fees are calculated on the capital value of the trust property and are
chargeable as follows:
(a) An annual management fee will be calculated at 1.35% per annum on the
market value as the Company may decide (actual or estimated) of the assets held
at the commencement of each year. The Company has an absolute discretion in
determining such values. An adjustment may be made in respect of any year in
which substantial additions, distributions or releases of capital are made.
Normally, the fee will be charged against capital but may be charged against
income. Minimum fee £750 per annum. In appropriate cases the management and
withdrawal fees on annuity funds and settled legacies, including minors'
interests, may be commuted at the discretion of the Company and charged against
the capital of the residuary estate.
(b) A fee at the rate of 3.5% will be payable out of capital on the gross
amount or market value (actual or estimated) of any capital funds or assets
paid out or released from the estate or trust, whether in the course of
administration or by way of distribution to beneficiaries or upon the Company
ceasing to act in the estate or trust. A reduction to this withdrawal fee may
be considered in cases where the Company believes it justifiable to do so
because either the work involved has proved exceptionally straightforward or
level of responsibility is disproportionate in relation to the amount of the
fee.
(c) A fee of up to 2.5% of the purchase price may be charged by the Company
whenever unit trust units or open-ended investment company (UT/OEIC) shares are
purchased by the Company at creation price. Creation price for these purposes
being the price at which new units or shares are sold to the Company where the
price is based solely on the value of the underlying assets of the UT/OEIC
without the addition by the UT/OEIC manager of any commission or management
charges.
(d) Where we hold investments within a unit trust or open-ended investment
company, we may make a 'switching' charge of up to 0.25% of the value of the
transaction where we sell and re-invest in other units, for example, to utilise
available Capital Gains Tax allowances. The fee referred to at 1c) above will
not be charged in these circumstances.
2. Charges on the acceptance of trusteeship by the Company or
on the acceptance of further assets into a trust of which the Company is
already a trustee will in each case be commensurate with the work and
responsibility involved, to be negotiated on each relevant occasion.
3. There will be no charge for acceptance of a trust of any
part of an estate of which the Company has been executor or administrator, but
fees will be payable for acting as trustee from the time when the trust is
constituted by appropriation, even if the administration of the estate is not
complete.
4. In addition to our scale fees detailed above, charges will
also be made in respect of the following:
(a) Valuation fees
(b) Taxation work
(c) Special work
Further details of these are provided below.
Fees for acting under an enduring power of attorney
(These fees are not payable until the Company commences its duties.)
The Company shall be entitled to retain and be paid out of the assets which are
subject to the power of attorney:
a) Where assets are under the management of the Company, an annual management
fee of whichever shall be the greater of:
i) £1,000
and
ii) a fee based on the market value of the assets under management at the
commencement of each year at a rate of:
- 2.25% on the first £250,000
- 1.75% on the next £250,000
- 1.25% on the next £500,000
- 0.5% on the excess.
b) The Company has an absolute discretion in determining the values for the
purposes of these fees. Where there is an addition to the assets in the course
of a year, the Company may make a proportionate extra charge. In cases where
assets are not under management, charges commensurate with the work and
responsibility involved will be made.
c) In addition to the charges mentioned above, we will also charge for any
special work, further details of which are provided below.
Valuation fees
To provide a valuation of stocks and shares for probate and taxation purposes
(including on the death of a life tenant, termination of a trust or other
change of interest), our charges will be:
i) First £100,000 0.15% of the value, next £100,000 0.10% of the value, balance
over £200,000 0.05% of the value
ii) Minimum charge of £5 per holding plus additional charge of £3 per holding
in excess of twelve
iii) Minimum fee £50.
Taxation work
Fees will be charged in accordance with the following scale for each tax year
or part of thereof after the commencement of the administration of any estate
or trust administered by the Company:
1. For each tax return completed £130.
2. Additional fees will be charged as follows where applicable
to the circumstances of the Estate or Trust:
(a) Capital Gains Tax fee per transaction £15 minimum/£25 maximum (except where
negotiations as to value need to be conducted with the District Valuer or
Shares Valuation Division, when fees for Special Work may be chargeable in
addition).
(b) Property Income - a fee of £40 per property or block of properties (what
constitutes a 'block' of properties to be determined at the sole discretion of
the Company).
(c) For computations of tax payable in accordance with ss.686/687 Income and
Corporation Taxes Act 1988 (applicable to certain Discretionary and
Accumulation and Maintenance Trusts) £40 per estate/trust, or per beneficiary
where there is more than one beneficiary affected.
(d) For computations of liabilities and repayments of tax due under the Accrued
Income Scheme (applicable to transactions in Government securities and certain
other fixed interest stocks) £40 per transaction per holding.
Notes:
1. The fees chargeable cover the cost of preparation and submission of returns,
the checking of assessments received and payment/collection of
liabilities/repayments.
2. These above fees are not applicable to the settlement of
income tax returns for any period for which returns are required before the
death of a testator or intestate. Where the Company administers any estate and
in doing so deals with the settlement of tax to the date of death, a charge of
£225 only will be made for each return completed. Where a review confirms a
return will not be required, a charge of £130 will be made.
3. These fees are not applicable to any income tax returns
required to be made on behalf of the donor of a power of attorney, or
registered enduring power of attorney.
4. These fees do not apply to any returns required by the
Capital Taxes Office or H.M. Customs and Excise.
Special work relating to executor, administrator, enduring power
of attorney and trustee duties
In addition to all charges under the foregoing paragraphs, a charge
commensurate with the services rendered may be made when dealing with a
business or private company shares, assets abroad, assets requiring any
specialised valuation or sale, deeds of variation or disclaimer, freehold or
leasehold property or mortgages, or estates or a trust with which the deceased
was concerned; for valuing or obtaining valuations of estate and trust assets,
for preparing returns, claims and calculations for taxation and other purposes;
for carrying out scrip checks and for onerous and unusual work in connection
with identification and security of chattels, documents or premises; for
furnishing more than usually detailed or frequent information; dealing with a
beneficial interest in a trust or registering a notice of charge; for
attendances; for journeys outside the Company’s offices; for engagement in
litigation or dealing with threatened or anticipated litigation (including
caveats); and for all duties of an unusual nature.
Value Added Tax
Where appropriate, Value Added Tax will be charged in addition to the fees and
disbursements referred to in this brochure.
Forms of appointment
A) Appointment as executor and trustee of a will
1. I appoint Barclays Bank Trust Company Limited ('the Company') to be the
Executor and Trustee of this my Will.
2. The Company will act as Executor and Trustee of my Will on
the basis of its Standard Terms and Conditions for such services as published
at today’s date, and its remuneration and other charges will be calculated in
accordance with and governed by those Terms and Conditions, and so that the
Company shall have power to act on the basis of and to be remunerated and
charge in accordance with its Terms and Conditions as published from time to
time.
3. The appointment of any new or additional trustee to act
together with the Company shall, notwithstanding sections 19 and 20 Trusts of
Land and Appointment of Trustees Act 1996, require the prior consent in writing
of the Company to be effective.
B) Appointment as trustee of new settlement
1. I appoint Barclays Bank Trust Company Limited ('the Company') to be a
Trustee [of this Settlement].
2. The Company will act as Trustee [of this Settlement] on the
basis of its Standard Terms and Conditions for such services as published at
today's date, and its remuneration and other charges will be calculated in
accordance with and governed by those Terms and Conditions, and so that the
Company shall have power to act on the basis of and to be remunerated and
charge in accordance with its Terms and Conditions as published from time to
time.
3. The appointment of any new or additional trustee to act
together with the Company shall, notwithstanding sections 19 and 20 Trusts of
Land and Appointment of Trustees Act 1996, require the prior consent in writing
of the Company to be effective.
Should you have a complaint
It is the aim of Barclays Estates and Trusts to provide a high quality of
service to our customers. However, we recognise that occasionally something may
go wrong and at such time our concern would be to ensure that matters are
resolved as quickly as possible to your satisfaction.
If you are unhappy with the service that you have received you
should in the first instance, pursue your complaint with the department with
which you have been dealing. In the event that you are unable to obtain a
satisfactory resolution, your complaint should be directed to:
The Senior Manager,
Barclays Estates and Trusts,
Osborne Court,
Gadbrook Park,
Northwich,
Cheshire, CW9 7UE.
Telephone 01606 313141,
Facsimile 01606 313421.
Email eandt-info@barclays.com.
Details of our complaint handling procedures are available upon
request or on our website at
www.wills.barclays.com
Barclays Bank Trust Company Limited is a member of the
Financial Ombudsman Service. In addition it is authorised and regulated by the
Financial Services Authority in the conduct of its investment business.
Your rights to compensation under the Financial Services Compensation Scheme in
the event of our failure to meet any liabilities to you are set out in a
statement which is available upon request.
Data Protection
1. In order to provide products and services we need to collect, use, share and
store personal and financial information about you ('your information').
This includes information which we:
a) obtain from you or from third parties, such as employers, joint account
holders, or other organisations, when you apply for a product or service, or
which you or they give to us at any other time; or
b) learn from the way your product or service is managed, from the transactions
made including the date, amount, currency and the name and type of supplier.
2. Where you provide personal and financial information relating to others
(e.g. dependants, joint account holders, beneficiaries, co-trustees) for the
purpose of preparing, opening or administering the product or service we will
process, store and disclose it in accordance with this agreement.
3. We and other companies in the Barclays Group will use your information to
administer the product or service, issue statements and provide our services,
for assessment and analysis (including credit and/or behaviour-scoring, market
and product analysis), to prevent and detect fraud, money laundering and other
crime, carry out regulatory checks and meet our obligations to any relevant
regulatory authority, and to develop and improve our services to you and other
customers and protect our interests.
Where authorised by you, the Company may disclose your information to a third
party for the purposes of preparing a deed. The third party solicitors, or such
other party as the Company may develop a commercial relationship with from time
to time, will process your information under its terms and conditions and not
as the Company's agent or service provider, but such terms and conditions will
not prevent the third party sharing your information with the Company, nor
prevent the Company processing your information as set out in this section.
4. We and other members of the Barclays Group will use your information to
inform you by letter, telephone, text (or similar) messages, digital
television, e-mail and other electronic methods, about products and services
(including those of others) which may be of interest to you. You may tell us at
any time if you do not wish to receive marketing communications from us and/or
other members of the Barclays Group by writing to us providing your full name,
address and product or service details.
5. We may record or monitor telephone calls and monitor electronic
communications (including e-mails) between us so that we can check instructions
and make sure that we are meeting our service standards.
You understand that internet communications are not secure unless the data
being transmitted is encrypted and that standard communications by e-mail are
not secure.
6. We may give information about you and how your products or services are
managed to the following:
- Other companies within the Barclays Group.
- To your authorised representatives, (including but not limited to a
co-trustee).
- People who provide a service to us or are acting as our agents, on the
understanding that they will keep the information confidential.
- Anyone to whom we transfer or may transfer our rights and duties under this
agreement.
- Any third party as a result of any restructure, sale or acquisition of any
company within the Barclays Group, provided that any recipient uses your
information for the same purposes as it was originally supplied to us and/or
used by us.
- Anyone to whom we have a duty to do so under any applicable government or
regulatory requirement or if the law allows or demands us to do so.
Otherwise we will keep information about you confidential.
7. If we transfer your information to a person, office, branch or organisation
located in another country, we will make sure that they agree to apply the same
levels of protection as we are required to apply to your information and to use
your information strictly in accordance with our instructions.
8. We will retain information about you after the termination of this product
or service or if your application is declined or abandoned for as long as
permitted for legal, regulatory, financial crime including fraud and legitimate
business purposes.
9. You can ask for a copy of the information we hold about you by writing to
us.
A fee will be charged for this service. Further details may be obtained from:
The Data Protection Co-ordinator
Will Writing, Estate and Trust Services
Osborne Court,
Gadbrook Park,
Northwich,
Cheshire,
CW9 7UE
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