PART IVB
REMUNERATION
41P.
—(1) Subject to subsection (2), sections 41Q to 41T shall apply in relation to —
(a)
services provided to or on behalf of trusts, whenever created; or
(b)
expenses incurred on or after 15th December 2004 on behalf of trusts, whenever created.
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(2) Nothing in section 41Q or 41R is to be treated as affecting the operation of —
(a)
section 57(4) of the Probate and Administration Act (Cap. 251) (Administration of assets); or
(b)
section 10 of the Wills Act (Cap. 352) (Gifts to attesting witness or to wife or husband of attesting witness to be void),
in relation to any death occurring before 15th December 2004.
[UK Trustee 2000, s. 33]
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41Q.
—(1) Except to the extent (if any) to which the trust instrument makes an inconsistent provision, subsections (2), (3) and (4) shall apply to a trustee if —
(a)
there is a provision in the trust instrument entitling him to receive payment out of trust funds in respect of services provided by him to or on behalf of the trust; and
(b)
the trustee is a trust corporation or is acting in a professional capacity.
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(2) The trustee shall be treated as being entitled under the trust instrument to receive payment in respect of services even if they are services which are capable of being provided by a lay trustee.
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(3) Subsection (2) shall apply to a trustee of a charitable trust who is not a trust corporation only —
(a)
if he is not a sole trustee; and
(b)
to the extent that a majority of the other trustees have agreed that it should apply to him.
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(4) Any payment to which the trustee is entitled in respect of services shall be treated as remuneration for services (and not as a gift) for the purposes of —
(a)
section 57(4) of the Probate and Administration Act (Cap. 251) (Administration of assets); and
(b)
section 10 of the Wills Act (Cap. 352) (Gifts to attesting witness or to wife or husband of attesting witness to be void).
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(5) For the purposes of this Part, a trustee acts in a professional capacity if he acts in the course of a profession or business which consists of or includes the provision of services in connection with —
(a)
the management or administration of trusts generally or a particular kind of trust; or
(b)
any particular aspect of the management or administration of trusts generally or a particular kind of trust,
and the services he provides to or on behalf of the trust fall within that description.
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(6) For the purposes of this Part, a person acts as a lay trustee if he —
(a)
is not a trust corporation; and
(b)
does not act in a professional capacity.
[UK Trustee 2000, s. 28]
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41R.
—(1) Subject to subsection (4), a trustee who is a trust corporation shall be entitled to receive reasonable remuneration out of the trust funds for any services that the trust corporation provides to or on behalf of the trust.
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(2) Subject to subsection (4), a trustee who —
(a)
acts in a professional capacity; and
(b)
is not a trust corporation or a sole trustee,
shall be entitled to receive reasonable remuneration out of the trust funds for any services that he provides to or on behalf of the trust if each other trustee has agreed in writing that he may be remunerated for the services.
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(3) A trustee shall be entitled to remuneration under this section even if the services in question are capable of being provided by a lay trustee.
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(4) A trustee shall not be entitled to remuneration under this section if any provision about his entitlement to remuneration has been made —
(a)
by the trust instrument; or
(b)
by any written law.
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(5) This section shall apply to a trustee who has been authorised under a power conferred by Part IVA or the trust instrument —
(a)
to exercise functions as an agent of the trustees; or
(b)
to act as a nominee or custodian,
as it applies to any other trustee.
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(6) In this section, “reasonable remuneration” means, in relation to the provision of services by a trustee, such remuneration as is reasonable in the circumstances for the provision of those services to or on behalf of that trust by that trustee.
[UK Trustee 2000, s. 29]
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41S.
—(1) A trustee —
(a)
shall be entitled to be reimbursed from the trust funds; or
(b)
may pay out of the trust funds,
reasonable expenses properly incurred by him when acting on behalf of the trust.
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(2) This section shall apply to a trustee who has been authorised under a power conferred by Part IVA or any other written law, or by the trust instrument —
(a)
to exercise functions as an agent of the trustees; or
(b)
to act as a nominee or custodian,
as it applies to any other trustee.
[UK Trustee 2000, s. 31]
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41T.
—(1) This section shall apply if, under a power conferred by Part IVA or any other written law, or by the trust instrument, a person other than a trustee has been —
(a)
authorised to exercise functions as an agent of the trustees; or
(b)
appointed to act as a nominee or custodian.
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(2) The trustees may remunerate the agent, nominee or custodian out of the trust funds for services if —
(a)
he is engaged on terms entitling him to be remunerated for those services; and
(b)
the amount does not exceed such remuneration as is reasonable in the circumstances for the provision of those services by him to or on behalf of that trust.
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(3) The trustees may reimburse the agent, nominee or custodian out of the trust funds for any reasonable expenses properly incurred by him in exercising functions as an agent, nominee or custodian.
[UK Trustee 2000, s. 32]
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