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Tax break deals on Govett offshore corporate bond fund

Govett Investments has set up a new offshore corporate bond fund offering

income tax breaks for UK basic and higher-rate taxpayers.

The Govett corporate monthly income fund was launched on Monday and has a

target pre-tax yield of 7.4 per cent a year.

The Dublin-based fund will invest predominantly in investment-grade

corporate bonds, with up to 20 per cent of the portfolio in

lower-grade bonds.

The minimum investment limit is £1,000 or £50 a month.

The fund is also available in a Govett Isa with a minimum investment of


The initial charge is 3.5 per cent, with an annual management fee of 1.25

per cent, which will be charged to capital. Comm-ission is 3 per cent

initial and 0.5 per cent trail.

Sales and marketing dir-ector Graeme Sinclair says: “There is considerable

pressure for IFAs to identify income opportunities outside the withprofits

investment bond market. Govett&#39s proposition is compelling. We have

adop-ted a sound process which provides higher yield while controlling

risk. The fund also features a real tax break incentive for basicand

higher-rate taxpayers, which is hard to ignore.”


The Daley Update

Newton head of fixed interest Helena Morrissey has been promoted to chiefexecutive after a string of departures last week. Theresa Egan will takecontrol of Morr-issey&#39s high-yield bond and European high-yield bond fundswhile Stewart Cowley will manage the international bond fund. Ed Brittonwill become head of fixed interest.New Star Asset Man-agement has poachedToby Thompson from Newton […]

GISC delays decision on members

The General Insurance Standards Council has delayed its decision onforcing its members to deal only with other GISC members until October 15,a month later than originally expected. An appeal before the CompetitionCommission Appeal Tribunal is pending and the council wants to give membersadequate time to consider its decision. The anticipated final date ofDecember 31 for […]

Date fixed for N2

Economic secretary Ruth Kelly has announced the FSA will become the statutory regulator from midnight on November 30, 2001.The regulator will receive its powers under the Financial Services and Markets Act 2000 on that date.Kelly says: “FSMA will, for the first time, unite a wide array of legislation and supervisory bodies under one statutory regulator. […]

M&G urges Government to bring in children&#39s Isa

M&G is calling on the Government to launch a children&#39s Isa as part of itsbaby bond initiative. The child trust fund sch-eme, which is under Government consultation, wasfirst suggested in the Treasury&#39s Savings and Assets for All paper,published in April. The scheme would provide a lump-sum saving plan for every new baby, withtop-ups at five, […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


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