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Barings aiming to use CGT changes for yield

Barings Asset Management has put off the launch of its European income fund as it looks to make use of the recent changes to capital gains tax.

Marketing director Ian Pascal says the new 18 per cent flat rate of CGT has prompted the firm to look at new ways to distribute yield.

Pascal says it could mean a change to a number of Barings’ funds which distribute reasonable levels of capital growth.

He says: “We are working on this to find a way to pay dividends as capital gains rather than income following the announcements in the Budget but we have set no timeline for proposals or a potential launch.

“At the moment, it is a case of us being optimistic but not naive about making potential changes.”

Money Marketing revealed earlier this year that Barings was looking to launch a European income fund due to investor demand.

The company started an emerging markets income fund for manager Ece Ugurtus in December 2006.

Hargreaves Lansdown investment manager Ben Yearsley says: “It is an idea with great scope if Barings can pull it off. However, it is a case of if and for how long, as I expect there will be a number of hurdles for it to tackle.”

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