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20.—(1) The withdrawal fee shall be charged at a relative percentage of the gross capital value of the property withdrawn or distributed.
(2) The relative percentage shall be 6.5 times the effective rate of administration or management fee charged, or deemed to have been charged, on that property on the assessment date immediately prior to withdrawal or distribution:
Provided that where the property did not form part of the estate or trust on that date the value of that property on its acceptance valuation date shall be used to determine the effective rate of administration fee as if it had formed part of the estate or trust on the assessment date prior to withdrawal or distribution.
(3) In this article–
“assessment date” means whichever of the following dates next precedes the date on which the fee is payable:–
1st April in the case of any estate or trust subject to administration fee under Part IV of this Order, or
the accounting date in the case of any scheme or fund subject to management fee under Part VII of this Order.
“effective rate” means the percentage rate determined by the following formula:–
a equals the amount of administration or management fee charged, or deemed to have been charged, on the property on the assessment date prior to withdrawal or distribution; and
b equals the value which on that fee was, or was deemed to have been, assessed but so that the rate so determined shall not exceed 1 2/13 per cent.
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