Not nyet, but not yet, AJs says
Armstrong Jones has delayed its roll out of tax-efficient UK-based funds in NZ.
Wednesday, October 11th 2000, 11:01PM
AJ’s recent roadshow was billed as a double act with Baring's Syd Bone introducing the company's range of UK unit trusts (which AJ planned to distribute) and Bill Dougherty covering trends in the US. In the end it featured Dougherty only.
In explaining Bone's absence AJs revealed more extensive plans were afoot.
A visit to the UK by AJ managing director Paul Fyfe, led to his more fully appreciating the scope of offshore products, the 120-strong Auckland gathering was told. Meetings with London lawyers and accountants were exploring more innovative, tax-efficient methods for Kiwis to invest.
Negotiations were ongoing with Barings, some of whose tax-efficient products are already approved for distribution in NZ, and also with two other parties.
AJ national sales manager Wayne Becker assured the meeting that tax-efficient funds are definitely coming to AJ's NZ line-up.
"(By the) end of next week (we expect) to have something stitched up we can bring to the NZ market," he said.
All will be revealed in another roadshow in four to five weeks time.
Becker also took pains to emphasis that while AJ had been the forefront lobbyist on government for a more level taxation playing field for domestic funds, it was incorrect to say that they had sought solely for tax to be imposed on investors in UK listed and unlisted investment funds. Further, AJ now anticipates the tax ‘loophole’ will persist for another year-and-a-half or two years.
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