Nucleus launches new gross interest account

Nucleus has launched a new general account which allows clients to receive interest from assets gross of tax.

The IFA-owned wrap says it will eliminate any delays in reclaiming tax back from HMRC.

The account functions through the use of a gross share class or, where this share class is unavailable, through a fund manager paying the interest distribution gross of tax on the existing fund.

Gross interest also applies to all balances held in the account’s cash account.

Nucleus chief operations officer Andrew Smith says: “We believe the general (gross) account will be vital for the likes of trustees of pension schemes, registered charities, local authorities, non-UK domiciled individuals or holders of offshore bonds.”