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Collective investments (Investment Trusts (Net Asset Vale (NAV) (Share…
Collective investments
Unit trusts
Open-ended Units
Fixed-interest trust
Pays Interest
Taxed via SA
Accumulation Units
Income Units
Equity trust
Dividends
Taxed via SA DA rates
Accumulation Units
Income Units
Pricing
Bid price
Purchase Price
Offer price
Selling price
Cancellation price
0.5 - 1.5% Initial Charge
Regulated
Fund Manager
Trustees
Charges
Initial
Annual Management Charge
Investment bonds
Collective Investment
Withdraw Income
Up to 5% per year
Unitised
Single Premium
Whole-of-life policy
Tax 20% CGT in Fund
Additional High/Ad rate 20% 25%+
Top slicing
OEICs
Open-ended Investment Company
Umbrella Structure
Several Sub-Funds
Short term borrowing
Depositary/Corporate Director
Manages Investments
Buy/sell OEIC shares
Share price reflects NAV of OEIC
Types of OEICS
Income
Capital growth
Index tracking
Specialist markets
Fixed interest
Overseas markets
Regulated
HM Treasury Framework
FCA regulated
Charges
Initial/Buying
Annual management
Dilution Levy
Tax
Equity-based
Via SA at DA rates
Fixed Interest based
20% at source
Single Pricing
Dealing fees
0.5 - 1.5% Initial Charge
Fund Management
Active
Fund manager
Passive
Linked Stock Market
Investment Trusts
Public Ltd Company
Closed-ended Investment
Dividends
Taxed via SA at DA rates
Net Asset Vale (NAV)
Share Price traded below (Discount)
Share Price traded above (Premium)
Gearing
Company Borrowing
Split-Capital Investment trust
Income shares
Capital shares
Real Estate Investment Trust (REITS)
No Corp Tax on inc/growth
75% property rent income
90% profits to shareholders
Max 10% shareholder
Single REITs in special cases
Held in ISAs, Jnr ISAs, Child Trust, SIPPs
Single Pricing
0.5 - 1.5% Initial Charge
Endowments
Investment based life assurance
Lump Sum Payout
Death
End of term
Friendly Society Plans
No tax on investment returns
Limited saving
Non-mainstream pooled investments
Unregulated Schemes
Structured Products
Structured capital-at-risk products (SCARP)
Non-SCARP
Platforms
Wraps
Fund Supermarkets