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BUDGET 2010: AIC welcomes plans to review tax legislation on investment trusts

The Association of Investment Companies has welcomed the announcement that the Government intends to review the tax legislation for investment trust companies.

The Government plans to look at the rules with a view to modernising them with a consultation document set for release this summer.

AIC director general Ian Sayers says: “The tax rules for investment trusts have been in place since 1965 and are beginning to show their age.  We believe the reform of these rules will provide more flexibility for member companies and reduced costs for consumers.  As these changes should be tax neutral we are optimistic any future government would wish to take them forward.”


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Rebak replaces Pothier on HSBC open funds

Jon Rebak is to take over the management of the HSBC open global return and open global distribution funds and the former manager, Nicholas Pothier, returns to his native South Africa.


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