split capital investment trust

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Split capital investment trust

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In general that fixed sum is normally slightly more than the assets of the trust could provide at inception. This fixed sum is only paid in full if at the wind-up date the Investment Trust has sufficient assets to pay it. However, this class of share has first call on the assets of the trust after repayment of any loans that the Investment Trust has taken out.

Generally, on the assumption of pretty conservative rates of capital growth the Zeros will be paid in full. In the normal course of events, for holders of the zero, risks are relatively low, but the returns are not great either. The great advantage is that these returns are subject to CGT not income tax. By definition these shares do not get any dividends. Low risk does not mean no risk. If the assets of the Investment Trust fall to such a level that the Capital shares get nothing then the holders of the Zero Coupon Preference shares start losing money when asset values fall still further.

These are the risky ones. These shares are entitled to the whole capital of the trust at wind-up once the debts have been repaid and the Zeros have received their capital entitlement. These shares have a relatively small capital entitlement, which suffers the volatility on the whole portfolio of the Investment Trust.

If the Investment Trust were wound up immediately after it was established these shares would get nothing unless as is usual the entitlement of the Zeros were scaled back. Their entitlement is really to all the capital growth in excess of that needed to pay the Zeros. The capital growth potential of these types of share is phenomenal, but you can lose the lot in an afternoon. However, in the context of a larger investment portfolio a small investment in such shares may have a place, as long as a total loss on that particular investment is acceptable in the context of the whole portfolio.

An investor could for example hold a large portfolio of shares. If there was serious market crash his investments could lose three-quarters of their value. Alternatively he could get the same growth with cash balances and a holding in Capital Shares. In a similar market crash he would lose his whole investment in Capital Shares but still have his cash balances and be better off than an investor who had invested his whole portfolio in lower risk shares. It should be noted that in that scenario the investors in the Zero Coupon Preference shares of the Investment Trust would be the ones that suffered the rest of the losses in the underlying portfolio.

These shares are entitled to all the dividends the Investment Trust receives after costs have been met and any loans have been serviced. They are generally entitled to a nominal capital sum at wind-up, something like a penny or something less.

These shares offer a guaranteed capital loss but the yield is fantastic. It is however useful if you want to create a Capital loss. The overall returns are good for a tax free fund or a basic rate taxpayer but most investors are averse to taking capital losses. At wind up the Investment trust assets are realised and the money is then paid out in the following order.

Of course if at any stage the money runs out some of these share classes do not get much or anything. However the money to repay the Zeros is in principle pretty safe except in a serious bear market. In the crash there was a scandal because investors in Zeros did lose their money.

The following describes how in the run up to this bear market the risk was engineered back into some zeros. The explanation needs to be seen in the context of the above list of who gets what and in what order. First, many investment trusts were very highly borrowed so the funds under management were to a significant extent money that had been borrowed and when asset values halved the borrowing covenants were broken and the Investment Trust had to be wound up.

Investors in the Zeros therefore made serious losses. Second, there were some Investment Trusts which invested some, or even all, of their money in the Capital Shares of other Investment Trusts. When the stock market crashed the Capital Shares in the portfolio became virtually worthless very quickly. The underlying portfolios suffered volatility much, much greater than the stock market in general and so the assets available to the Investment Trusts own capital shares were wiped out leaving the Zeros suffering large losses.

The financial services industry, in an effort to provide something wonderful for everyone, had taken what was a fundamentally low risk share class and engineered all risk back into it. Zeros became very risky indeed. That does not seem to happen anymore, but it is wise to understand how things went wrong in the past because memories tend to be short and mistakes tend to get repeated.

If the whole company has a limited life this triggers a wind up procedure — the end of the company. At wind up, the company:. If you take the cash option, capital gains tax may be payable. You can sell them at any time, as you would with other types of share.

Each split works differently. One of the most important things to understand before you buy is the order of priority and entitlement. This means the set sequence of who receives what, and when. As a rule, the lower in the order of priority the share, the riskier it is. This is because other shareholders need to be paid first, meaning that there may not be any money to pay any returns to shares lower down.

Below is a summary of some of the common share types and the priority they might have — but remember, each split is unique, and you should understand exactly how yours works before you invest. Some splits arrange for a combination of their share classes to be traded together in what is known as a 'unit'. The combination varies depending on the company.

Discover saving for children with investment companies. Google Tag Manager. Members Financial advisers. Split capital investment companies Investment companies that offer more than one type of share to meet different investment needs.

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