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Abbey converts Pep to income trust to avoid ACT changes

Abbey Unit Trust Managers is converting its Extra Income Unit Trust into an &#39interest&#39 generating unit trust to prevent it being caught by cuts in advance corporation tax credits.


Under the current set-up, tax relief on dividend income for the Pep will reduce from 20 per cent to 10 per cent in April.


To avoid this the trust will reduce its holdings of UK and EU equities to under 40 per cent of the portfolio and increase corporate bond holdings.


Director David Bruce says: &#34We are anxious that we should not have to lower our income target so we are pleased that we are able to restructure the trust to meet this aim.&#34

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