Funds of funds (Fofs) held within Isas and Peps will be able to invest in Ucits III vehicles without...
Funds of funds (Fofs) held within Isas and Peps will be able to invest in Ucits III vehicles without invalidating the tax wrapper, following amendments announced by the Inland Revenue last week. The move affects multi-manager portfolios from groups such as Credit Suisse, Jupiter and New Star, which are currently unable to hold any such funds and retain their Isa or Pep wrappers. The changes, due to come in to force from 22 July, align the Isa and Pep rules with recent amendments from the FSA, which allowed Fofs to invest in Ucits III vehicles from 1 June, without the latter having to curb...
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