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Tax elected funds now available on Ascentric


Users of the independent wrap Ascentric now have access to tax elected funds for the first time following the launch of Querns Income First Fund on the platform.

The fund is provided by Querns Asset Managers and is managed by former New Star managers Stephen Whittaker and Phil Roantree.
Tax elected funds were introduced in the 2009 Budget and became effective last September.

For holdings in tax efficient wrappers such as an Isa or a Sipp the fund pays out dividends from stocks and interest from bonds gross, so the investor has the same treatment as if the assets were held directly.

Prior to the tax elected funds regime, it was only possible to receive gross interest from UK funds that paid interest distributions, although these funds required a minimum 60 per cent invested in fixed interest investments.
Querns Income First Fund has none of these restrictions and is the first tax elected fund to be marketed in the UK. It has no initial charge and a low annual management charge of 0.75 per cent. The fund’s tax elected fund status allows it to produce a high monthly income from a portfolio of UK equities and Sterling corporate bonds without the restrictions on asset allocation that affect traditional funds.
John Tierney, sales and marketing partner at Querns, says: “Ascentric is one of the few platforms able to handle tax elected funds, and their growing number of high calibre advisers will be able to make the most of the tax advantages that this fund provides.”
Richard Goodall, sales and marketing director at Ascentric, adds: “Given the tax efficiency of tax elected funds, I am surprised that there haven’t been further launches of this kind. We are delighted to offer the first tax elected fun available in the market as it provides further product choice and asset diversity for Ascentric users.”

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