Perpetual Income & Growth Trust offers B shares

Mark Barnett's £489.25m Perpetual Income & Growth Investment Trust (PIGIT) is to issue B shares allowing distributions to avoid income tax charges.

The new B shares will enjoy identical rights to existing shares, but when dividends are paid to ordinary shareholders, an equivalent amount will be paid in cash to B shareholders in the form of a capital distribution. Invesco Perpetual says these capital distributions will be taxed as chargeable gains rather than income, enabling shareholders to structure their investment in PIGIT in a tax-efficient manner. "PIGIT is one of our most popular investment trusts with a long and successful track record," Invesco Perpetual head of specialist funds Graeme Proudfoot says. "It makes perfect...