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  1. Point in time
    2005-03-01

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

R

Nature and purpose of fee

Payable by

Amount of fee

Umbrella scheme factor (note 1)

Periodic fee for an ICVC

The authorised corporate director

£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