Notes for Guidance - Protected Trust Deeds - Bankruptcy (Scotland) Act 2016

Outlays for this purpose include all sums actually paid by the trustee from his own or PTD funds and do not include statutory fees, trading expenses or expenses of realisation. Outlays not included in the calculation for the Audit fee are:

• bank charges
• trading expenses
• tax on interest
• income tax
• inheritance tax
• cost of realisations
• audit fees
• other statutory fees raised by AiB e.g. PTD supervision and registration fees.

If a trustee notes on their receipts and payments accounts that an item is an expense of realisation, evidence must be provided to show that the trustee was not involved in paying these costs, for example a state for settlement which shows that legal fees were deducted directly by the solicitor.