It’s only an “only”, but it’s an important only!
The recent BADAS introduced not only changes to sequestration, but made some amendments to the Protected Trust Deeds (Scotland) Regulations 2013. The eagle-eyed among you will have spotted the insertion of the word “only” into Regulation 23(1). This means that for trust deeds signed on or after 1 April 2015, a trustee’s remuneration can only be structured on a fixed fee and administration fee basis. That “only” shuts the gate on other fee bases once and for all.date