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DTI confirms changes to UK company law exempting split -caps

The DTI confirms the Government is making changes to UK company law from October 1 protecting investors from new accounting standards threatening to hit their incomes.

The revisions will ensure that split capital investment trust shares will not be treated as liabilities for the purposes of investment company legislation.

The Association of Investment Trust Companies says if not for its intervention with the DTI on this scheme, 33 investment trusts could have been prevented from paying dividends whilst have come perilously close.

AITC director general Daniel Godfrey says: “We are very pleased that the DTI acted so swiftly and decisively to resolve this issue.

“They were quick to accept that there was a problem, and agreed to include the issue in a planned consultation proposing changes to company law. The necessary regulations have now been laid before Parliament.

“Without these measures there could have been very serious consequences for the significant number of trusts concerned.

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