CIS 18 Annex 1 Periodic fees payable for the period 1 April 2004 to 31 March 20058Fees payable in relation to the period from 1 April 2005 to 31 March 200689The provisions relating to collective investment scheme fees are set out in FEES 1, 2, 3 and 49
Nature and purpose of fee |
Payable by |
Amount of fee |
Umbrella scheme factor (note 1) |
Periodic fee for an ICVC |
£1,100 |
2 |
|
Periodic fee for an AUT |
The manager |
£1,100 |
2 |
Periodic fee for a scheme recognised under section 264 of the Act |
The operator |
£1,100 |
2 |
Periodic fee for a scheme recognised under section 270 of the Act |
The operator |
£1,100 |
2 |
Periodic fee for a scheme recognised under section 272 of the Act |
The operator |
£6,400 |
2 |
1 |
For an umbrella scheme the fee is multiplied by the factor shown in the final column of the table. |
Part 1 - Periodic fees payable8
Scheme type |
Basic fee (£) |
Total funds/sub-funds aggregate |
Fund factor |
2005/06 fee (£) |
ICVC AUT Section 264 of the Act Section 270 of the Act |
610 |
1-2 3-6 7-15 16-50 >50 |
1 2.5 5 11 22 |
610 1,525 3,050 6,710 13,420 |
Section 272 of the Act |
2,500 |
1-2 3-6 7-15 16-50 >50 |
1 2.5 5 11 22 |
2,500 6,250 12,500 27,500 55,000 |
Fees are charged according to the number of funds or sub-funds operated by a firm as at 31 March 2005. Where more than one fund or sub-fund is operated the number of funds (not including the umbrella or parent fund) produces a 'fund factor' in accordance with the table above which is then applied to a basic fee to produce one total fee per operator. Fund factors are applied per operator rather than per scheme so that the fees relate to the number of funds rather than the number of schemes. This means that, for example, an authorised fund manager of three schemes pays the same as an operator or authorised fund manager of one scheme with three sub-funds (as only the sub-funds are counted).81324567