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The Daily Telegraph Your Money - March 31, 2018

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Money
Rule book
Our 25 tips for
maximising
your Isa
Error code
Which HMRC
web guidance
is out of date?
Trade secrets
How £13.8bn
manager Terry
Smith does it
Investing
Tax
Fund of the week
Page 10
Page 4
Page 9
Repeat risks
of fraud from
dark web
‘sucker lists’
Financial scammers are buying and selling
details online of those who have already
been tricked. Amelia Murray reports
S
cam victims are being
targeted multiple times
by fraudsters who
trade, buy and sell
so-called “sucker lists”
that include their
personal and financial information.
These lists of people who have
previously been conned are
circulated between organised crime
groups and can be bought on the
dark web.
There is no exact figure for how
many people appear on sucker lists,
but Action Fraud, the UK’s fraud and
cyber crime reporting centre,
estimates that the number of
vulnerable consumers whose details
are in the hands of fraudsters is “in
the thousands”.
John Mundy and his family
believe his details were placed on
such a list after he was tricked into
transferring £280,000 into “safe
accounts” last March by criminals
Saturday 31 March 2018 . telegraph.co.uk
claiming to be from Barclays’ fraud
department. A year later, a fraudster
posing as a BT engineer was able to
con Mr Mundy out of another
£18,500 from his bank account.
Mr Mundy’s family are concerned
his details were shared between
criminals who see him as an
easy target.
This is highly likely, according to
Sarah Burns, “Scambassador” for the
National Trading Standards scam
team, who said that sucker lists are
easily obtained online.
She said: “The details of people who
have fallen for scams before are
extremely valuable. Criminals are
working collaboratively, trafficking
these details on the dark web and
trading lists between themselves.”
Yet no bank contacted by Telegraph
Money said it proactively hunted down
these lists to protect customers.
Action Fraud said police would only
contact potential victims if they come
across lists during an investigation.
March 2017: ‘corruption at
the bank’
This time last year Mr Mundy
was tricked into transferring
£280,000 to a criminal posing as
a Barclays employee.
The criminals appeared to have an
in-depth knowledge of the banking
system, according to Mr Mundy. They
claimed they’d spotted a number of
suspicious payments on his account.
Mr Mundy confirmed the
transactions, such as £900 spent at
Argos, were not made by him.
A week later Mr Mundy, who
previously ran his own fitted furniture
business, received a genuine letter
from Barclays that identified
“unusual activity” on his online
account, which was to be frozen as
a “precautionary measure”.
This legitimate communication
from Barclays only made the
fraudsters’ story more convincing,
he said.
On March 13 Mr Mundy received a
call from the criminals explaining a
corrupt staff member had been
identified in a Kent branch of Barclays.
He was advised to keep his money
safe by making 14 bank transfers of
£20,000 each from four Barclays
branches, to accounts held at
Yorkshire Bank, NatWest, RBS, TSB
and HSBC.
Mr Mundy said some Barclays staff
asked him where the money was going
but he said he was not warned about
scams.
He told them he was paying it into
family accounts for inheritance
reasons, as the fraudster advised.
Barclays eventually identified the
payments as suspicious and called Mr
Mundy into a branch three days later.
The scam was then uncovered.
Amy Biddle, Mr Mundy’s daughter,
said the family were “completely
shocked” and looked to Barclays
for guidance.
She said they could not contact the
fraud department and the bank also
failed to explain the next steps in its
procedure.
Instead, she said, the manager
handed Mr Mundy a “book on scams”
on his way out.
Continued on page 2
PHIL WILKINSON
DISCOUNT FUNDS
BANK SCAMS
STORAGE PODS
ASK JESSICA
B E ST B U YS
***
Planning a bit of DIY this bank holiday weekend?
Boost the value of your house with minimal work
Home improvements can
add a significant amount to
the value of your home – but
knowing what return you are
likely to get from a project
before you invest is essential.
According to the Federation
of Master Builders and the
HomeOwners Alliance,
removing an internal wall to
create an open-plan kitchen/
diner can boost the value of
an average home in London
by £48,417. It would cost less
than £3,500 and could be
done within seven days.
Building an outside playroom,
pictured, at a cost of £6,653
can add £35,611 to an average
home in just 14 days, while
spending £4,127 to update the
kitchen (an eight-day project)
could boost a home’s value
by £26,838. Installing an en
suite bathroom would take
11 days and result in a profit
of £9,812.
Sophie Christie
2
Saturday 31 March 2018 The Daily Telegraph
***
Money
someone’s vulnerable to scams
because they’d been targeted before,
you’d think the bank would be
keeping an eye on their account.”
PERSONAL
ACCOUNT
What the banks said
Tackle these criminals
and focus on keeping
so-called ‘suckers’ safe
Y
ou don’t have to be
simple to be a “sucker”.
As our lead story this
week shows, fraud can
turn good qualities into vectors
of attack. Concern for others,
patience and openness to
strangers, even a conscientious
desire to keep your money safe
– the scammers remorselessly
exploited all of these to steal
from John Mundy.
It is a dangerous consolation
to imagine that these criminals
only prey on fools. We are all
their potential victims.
And as Mr Mundy sadly found,
once the fraudsters have settled
on a victim, the risk they will
return is real. The existence of
“sucker lists” is not new, but the
dark web now allows stolen data
to be traded almost instantly.
Once a vulnerable individual
has been identified, their details
can be exchanged between
criminals, as they become one
more promising lead for further
exploitation.
Across most types of fraud,
victims do not suffer a repeat
incident; a significant minority,
however, will endure a second
fraud of some kind within a year,
according to the 2017 Crime
Survey for England and Wales.
And when broken down by
type, repeated targeting is most
common among victims of bank
and credit card account fraud,
where it affects 15pc of people.
That is three times higher than for
consumer and retail fraud victims.
Banks and government seem to
be doing very little to address this
problem, either in the way of
aggressively seeking out such lists
or of proactive education for scam
victims. It is to the credit of the
Financial Conduct Authority that
its website points out that “if
you’ve already invested in a scam,
fraudsters are likely to target you
again or sell your details to other
criminals”. But those at risk across
all kinds of financial fraud need
far more support and education.
Two vital projects are now in
the works. The Economic Crime
Victim Care Unit (ECVCU), a
project involving City of London
Police and funded by the Mayor’s
office, has had real success on a
small scale. In a recent study, it
confirmed 18 cases in which the
“re-scamming” of victims had
been averted. But the first ECVCU
pilot began in late 2014. Four
years later, the rest of the country
is still waiting for it to be rolled
out nationwide. Meanwhile, in
another London pilot, Age UK is
trialling a scheme this year for a
national network of local scam
advisers. Older people who are
being targeted by scammers
could then be referred to the
service by Action Fraud.
Change is coming, at least in
the form of education to warn
fraud victims of the risk and
teach those most in danger how
to stay safe. But all this has been
far too slow to keep many
victims from losing lifechanging sums.
To complement these
measures, we also need a
high-profile campaign by law
enforcement to pursue those
trading so-called “sucker lists”.
A coordinated effort to alert and
educate those found to be at risk
should support that crackdown.
Campaigns aiming to reduce
financial fraud must pay due
attention to the re-scamming
risk. This newspaper has long
campaigned for more action
from banks to protect scam
victims. Here too, they can help.
The finance industry has
backed scam prevention
education. But it is not enough
to hand a book on scams to a
victim and send him on his way,
as allegedly happened to Mr
Mundy. The criminals might
write their marks off as
“suckers”.
The rest of us must do better.
DRIVING A
HARD BARGAIN
Motorists throw away
£653m a year by allowing
insurers to automatically
renew their policy at a
higher price. This is
despite rules that now
force insurers to provide
the old and new prices in
the renewal notification.
Comparison site
MoneySuperMarket found
that the average autorenewal price increase was
£50. It also said that fewer
than half of Britons saw
last year’s price on their
renewal letter.
CHRISTOPHER PLEDGER FOR THE TELEGRAPH
Marc Sidwell
Amy Biddle and her father, John Mundy, who was the victim of two frauds a year apart
‘Dad is no fool, they seemed
to know a lot about him’
CONTINUED FROM PAGE 1
March 2018: bogus BT engineer
says ‘We’re sorry for the service’
Almost exactly a year later, Mr Mundy
received a call at 9.30am from
someone claiming to work at BT.
The “engineer” explained that Mr
Mundy’s network appeared to have
been corrupted by someone who
downloaded a child’s game – perhaps
one of his grandchildren. His
neighbours’ systems had also
apparently been affected.
Mr Mundy said the fraudster
somehow already knew his BT
passcode and that his BT direct debit
came out of his Barclays account.
He was kept on the phone for most
of the day, while the fraudster
convinced him to allow remote access
to his computer, ostensibly to
download security software.
The criminal then claimed to have
accidentally transferred £246 for
goodwill into his account, when he
meant to offer £80 for the disruption.
He asked Mr Mundy to log into his
online banking to check. This allowed
the fraudster to steal Mr Mundy’s
banking passwords.
By 4pm the bogus telecoms
employee was finished with Mr
Mundy. He said BT would be back
in touch to arrange the delivery of a
new router.
Instead, Mr Mundy’s account was
emptied. When he logged on later that
afternoon, £11,000 was missing from
it, and there was also a £7,500 loan
taken out in his name by the fraudster.
The family couldn’t believe it. Jane
MacDonald, Mr Mundy’s other
daughter, said: “My dad was suspicious
and he is not a fool, but the criminals
seemed to know lots about him and
his account.
“The fraudster also made him
think that he had compromised the
networks of other people in his village,
which is why he panicked and acted
like he wouldn’t normally. If
Five tips to handle fraudsters
If you think
you are the victim
of a scam, call
your bank
immediately
You should also
contact Action
Fraud on 0300
123 2040
Your bank will
never request
your online
banking
password or Pin.
You should hang
up the phone if
you do get
asked for this
If you receive an
unexpected
call, don’t give out
any personal
information,
agree to sign up
for anything or
allow the caller to
take control of
your computer.
If you’re unsure,
call back using
the number on
the firm’s website
See if your
telephone service
can help block
nuisance callers
In the original fraud, Barclays said it
contacted all the recipient banks
immediately. It managed to recover
£54,636.65 of the original £280,000
in March and April but refused to
reimburse the rest.
It said staff did “everything they
could to question the intended use of
funds and warn the customer to the
possibility of scams”.
A spokesman said: “Despite our
efforts, we were provided with false
information. There has been no bank
error with these transactions and the
funds were withdrawn willingly.”
In response to the second scam,
Barclays said its fraud detection
system alerted it to the online
transactions. It said it sent a text
message to confirm the payments,
which Mr Mundy acknowledged.
However a spokesman said Mr
Mundy may have done this by
mistake or may not have understood
what it was for.
Barclays said it investigated the
matter as soon as it was alerted. It
returned the stolen £11,000 and
wrote off the £7,500 loan.
Ms Biddle complained to the
fraudster’s banks requesting a full
refund on the basis that they allowed
scammers to open or operate
accounts. She said she was told by
police that one of the RBS/NatWest
accounts had been flagged up as
suspicious before Mr Mundy
was targeted.
This echoes Telegraph Money’s
long-running campaign to hold
banks to account when their systems
fail to flag up criminal activity and
allow fraudsters to make away with
life-changing sums from victims.
Yorkshire Bank refused to answer
any questions about providing
services to a criminal claiming it does
“not comment on individual cases”.
NatWest/RBS declined to disclose
specific details of the account. It
said it had “strong” verification
procedures in place to prevent
fraudulent openings.
TSB said it took “immediate
action” when contacted but refused
to answer specific questions about
the account. It admitted it could not
“prevent all frauds” despite having
a “complex and multi-layered
framework in place”.
HSBC said it took the fraudulent
use of accounts “very seriously” and
when appropriate, will close the
account.
Lloyds said the accounts operated
by the fraudster were opened using
“industry-wide acceptable
documentation” and “robust internal
processes were followed”.
The Daily Telegraph Saturday 31 March 2018
***
Money
New tax bill for pod investors
Those who bought
storage units for a
‘guaranteed’ return
could lose money.
By Sam Meadows
Marc Sidwell
Head of Personal Finance
@marcsidwell
Contact us
money@telegraph.co.uk
020 7931 2000
Twitter: @moneytelegraph
please only send copies.
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readers can also comment
and share with their
friends via Twitter and
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telegraph.co.uk/money
Lauren Davidson
Personal Finance Editor
@laurendavidson
GETTY IMAGES FOR THE CLASSIC CAR SHOW
P
ension savers who
entered a now-closed
storage pod investment
scheme offering
“guaranteed” returns
face tax bills that could
reach tens of thousands of pounds.
The opportunity to buy pods with
Store First was promoted in videos
by former Top Gear presenter
Quentin Willson – himself an
investor – and boasted of guaranteed
returns of 8pc in the first two years,
rising to 10pc in years three and four.
Thousands of people used all or
part of their pension savings to buy a
lease on pods at one of a number of
warehouses, which could then be
rented out or sold on for a profit.
Store First has been issued with a
winding-up order, which is likely to
be heard this year. Meanwhile,
investors face uncertainty as to
whether they will get any of their
money back.
Music producer Dexter Jeffrey
bought two pods at Glasgow Airport
in 2013 for £15,000, drawn in by
brochures that offered a “guaranteed
buy-back” option. He received
payments worth £1,200 in the first
two years, as promised, but the
returns then dried up.
Last week, he received an email
from Store First informing him that
due to a court decision last year he
could be liable to pay business rates,
which would be backdated.
The Valuation Office, the
government department
responsible for setting rates,
re First as the
initially assessed Store
liable party, as ownerr of the
mail to
warehouses. In the email
investors, Store First said it had
ince 2010
been opposing this since
n
and the court decision
vidual
established that individual
iable.
investors should be liable.
Store First said all its investors
were told they could be liable
rey
for rates, but Mr Jeffrey
claims this was not made
clear to him.
The size of the billss will
e
be determined by the
e
“rateable value” of the
PERSONAL FINANCE TEAM
Dividends payable next week
Payment
Both Quentin Willson, above, and Dexter
Jeffrey, below, invested in store pods
pods each investor owns. This is
determined by the size of the pods as
opposed to the amount invested.
Many investors will qualify for
small business relief, which could
eliminate the charge. But large-scale
investors could face huge bills.
The tax bill is usually around half
the property’s rateable value, so
someone with pods rated at £18,000
would have an annual bill of around
£9,000. If this is backdated for three
years, the total bill will be £27,000.
Mr Jeffrey said: “When I stopped
receiving payments I thought,
worst-case scenario, I can just wait
until year five and use the guaranteed
buy-back option. I contacted the
company and was told this isn’t an
option. Now I think I will lose all of the
money I invested.”
i couldn’t comment
Store First said it
on the guaran
guaranteed exit route as it
o the ongoing
forms part of
winding-u order. A sales
winding-up
g
brochure given
to Mr Jeffrey
with Store First’s branding
explains that in year five
Fi Management
Store First
wi buy the pods back
Ltd will
f the
th original price on
for
r u
req
request.
In an email to Mr
Jeffr
Jeffrey,
Ruth Almond, a
dire
director
of Store First,
told him she cannot
com
comment
on this option
but said the salesman Mr Jeffrey spoke
to “no longer works for the company”.
In a statement to Telegraph Money,
Ms Almond said: “The Valuation
Office erred in law by assessing rates
due by referencing the entirety of
our storage facilities. On professional
advice, we challenged the basis of
this assessment.
“Investors were indeed notified of
the proceedings and the hearing date
and were invited to make
representations. The investors bought
long leases of storage pods. Tenants,
rather than landlords, are usually
responsible for the payment of rates
and that was the case here. The lease
makes it abundantly clear that the
investors are responsible for the
business rates in respect of their pods.
There is no basis to allege that
investors were misled.”
Last year, the Insolvency Service
filed a petition to wind up several arms
of Store First’s businesses. Store First
is fighting the petition.
The investment opportunity was
advertised by Store First in 2011 using
videos featuring Mr Willson. He said
that as soon as he became aware of
“consumer issues” surrounding Store
First he took legal action to prevent his
image being used and also contributed
to a BBC Radio 4 programme on it.
He added: “I was misinformed like
everyone else, having been shown
evidence that this was a bona fide
investment before agreeing to present
their online video. I too have a store
pod that could be worthless.”
Tuesday
Alliance Trust
Chelverton Small Co Div Tst
Hotel Chocolat Group
Wednesday
Apax Global Alpha
Ashmore
Genus
Pennon Gp
Rights and Issues
St Modwen
WYG
Thursday
Barclays
Greencore Group
Mid Wynd Intl Inv Tst
MTI Wireless Edge
Thomas Cook
VPC Specialty Lending Inv
Friday
Alumasc
Athelney Trust
Centamin
Crest Nicholson
Dechra Pharma
Diageo
Electronic Data Processing
F&C Mgd I
Galliford Try
Grafton Gp
Hargreaves Services
HSBC
Independent Inv Trust
JPM Gbl Gth & Inc
JPMorgan European GROWTH
JPMorgan European INCOME
Jupiter Fund Mgmt
Lakehouse
Land Secs
Lon. Fin. & Inv.
MJ Gleeson
Oxford Inst
Park Group
PCF Group
PZ Cussons
Ricardo Gp
River & Mercantile Grp
Safestore
Standard Life UK Sm
Wilmington
www.theice.com/data
Reg closed
Ex-Div
3.29p (3.2740)
2.02p (1.85)
0.6p (0)
Mar 16
Mar 16
Mar 02
Mar 15
Mar 15
Mar 01
4.17p (4.13)
4.55p (4.55)
8.1p (7.40)
11.97p (11.09)
20.5p (20)
4.26p (4.06)
0.6p (0.60)
Mar 16
Mar 09
Mar 09
Jan 26
Mar 16
Mar 09
Mar 02
Mar 15
Mar 08
Mar 08
Jan 25
Mar 15
Mar 08
Mar 01
2p (2)
3.37p (4.10)
1.8p (1.70)
$0.02 (0.01)
0.6p (0.50)
1.8p (1.50)
Mar 02
Dec 08
Mar 09
Mar 02
Mar 09
Mar 09
Mar 01
Dec 07
Mar 08
Mar 01
Mar 08
Mar 08
2.95p (2.85)
8.9p (8.60)
$0.1 (0.1350)
21.8p (18.50)
7.33p (6.11)
24.9p (23.70)
3p (3)
1.3p (1.25)
28p (32)
10.25p (9)
2.7p (2.70)
$0.21 (0.21)
6p (2.50)
3.04p (2.20)
2p (2)
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25.8p (22.70)
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Mar 02
Mar 02
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Mar 16
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Mar 09
Feb 23
Feb 23
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Mar 02
Mar 02
Mar 02
Mar 09
Mar 02
Mar 09
Mar 16
Mar 09
Feb 23
Mar 02
Mar 16
Feb 16
Mar 09
Mar 16
Mar 09
Mar 09
Mar 09
Mar 01
Mar 01
Mar 22
Mar 15
Mar 08
Feb 22
Mar 08
Mar 15
Mar 15
Mar 08
Feb 22
Feb 22
Feb 22
Mar 01
Mar 01
Mar 01
Mar 08
Mar 01
Mar 08
Mar 15
Mar 08
Feb 22
Mar 01
Mar 15
Feb 15
Mar 08
Mar 15
Mar 08
Mar 08
Mar 08
3
4
Saturday 31 March 2018 The Daily Telegraph
***
PAUL GROVER; PA
Money
MPs to probe HMRC
complaints handling
Raising a dispute with the taxman over your bill can be confusing
and some cases still take years to resolve, reports Sam Meadows
T
he taxman’s record in
dealing with taxpayer
disputes is being put
under the spotlight by
MPs. The Treasury
sub-committee, led by
former education secretary Nicky
Morgan, announced the investigation
this week, inviting evidence on this
and two other tax inquiries.
The inquiry will chiefly focus on
disputes over tax returns, but there
are many other occasions when
taxpayers run into trouble and
disagree with HM Revenue and
Customs’ calculations of what they
owe. Individual cases will not be
assessed, but the inquiry will raise
questions as to the fairness and
proportionality of HMRC’s response
to complaints.
Telegraph Money has reported
extensively in the past on ordinary
individuals’ dealings with the taxman
and the sometimes less than
satisfactory responses received. Those
seeking advice on complex, littleunderstood taxes such as the stamp
duty surcharge have faced a struggle
to obtain any information at all, and
The Treasury sub-committee,
headed by Nicky Morgan
(right), has called for evidence
on how the taxman responds
when someone complains
‘They don’t seem to
realise their remit is
to collect the right
tax, not the most tax’
when advice is received, it can be
contradictory or unhelpful.
If you disagree with what the
taxman says you owe, it can be even
more difficult to get a resolution.
Launching the sub-committee’s
inquiry, Labour MP John Mann said:
“The committee often receives
representations from people who feel
that HMRC’s inquiry process treats
them unfairly. Some have accused
HMRC of offering more advantageous
terms of settlement to big business
than small businesses or individual
taxpayers receive.
“There are concerns about the
extent to which HMRC balances its
responsibility to collect the right
amount of tax due against its
obligations to administer the tax
system fairly and even-handedly.”
One group that feels it has been
unfairly treated is contractors who
used the now-controversial loan
arrangements to lessen their tax
liabilities. Similar schemes were used
by Scottish football club Rangers,
helping bring about their collapse.
Following a long-running court
battle that concluded last year, those
who used the arrangements face huge
bills for unpaid tax, often six figures,
dating back years. But those affected
say HMRC has been unhelpful as they
attempt to settle their liabilities. Some
also say the calculation of their bills
appears to differ from others in the
same situation.
The schemes were widely accepted
as being legal at the time, and most of
those involved even declared the
arrangements on their tax returns.
One IT contractor used a scheme
for five years, and now faces a bill for
more than £100,000 in tax and
penalty charges. He said he has
written to HMRC 37 times since the
beginning of last year in an attempt to
query the calculations before he
settled, but has not received the
answers he needs to do so.
“They haven’t answered any of my
queries, they’ve just given me
standard responses they give to
everyone,” he said. “I want to settle the
money I owe but I want to know the
facts first. There are so many things
which are up in the air.
“I’ve heard some people on some
schemes are not being charged
National Insurance, while I am.”
The wife of another IT contractor
who spent six years in a loan scheme
and now faces a bill for almost
£150,000 said others she knew of had
been treated differently by the taxman
despite using the same arrangement.
“My brother-in-law settled because
he had the money to be able to, and
then received a refund for National
Insurance contributions. Someone
else I know did the same and received
nothing,” she said. “We have been
unable to settle and now the interest
is racking up.
“We filled in our tax return every
year and actually received refunds
in some tax years – now we are
facing this.”
Others who have found getting
answers from the taxman difficult
include those who have issues with
their tax code.
Last year, Telegraph Money reported
the story of 83-year-old John Doe, who
was told he had underpaid tax by 7p,
and that HMRC would “start to collect
this straight away”. The taxman
eventually said it would waive the
figure as it was too small.
This year Mr Doe says that again he
has been sent an incorrect tax code
due to mistakes made when
e of his
calculating the increase
pension income.
ned to
“Last year I complained
them and went to the
y
arbitrator and then they
have made a mess of it again,”
he said.
T
Tom Wallace, of WTT
ggest
Consulting, said the biggest
problems with HMRC’s
he
disputes process were the
ld
length of time they could
etake and their “one-sizeaid
fits-all” approach. He said
he had clients who had
been under inquiry for
five years “with no end in
sight” and suggested
that an 18-month deadline should
be imposed.
“Disputes are a big problem for
HMRC,” he said. “I think they have
perhaps lost their way. You get to
the point where they don’t seem to
realise their remit is to collect the
right tax, not the most tax. They
need to take a more pragmatic
approach to settlements for
individuals and small businesses.”
HMRC disputed the Treasury
sub-committee’s claims about
preferential treatment for big
business. A spokesman said:
“HMRC never does sweetheart
deals and subjects large businesses
to an exceptional level of scrutiny,
actively investigating more than
half of the UK’s largest businesses
at any one time.
“Last year alone HMRC secured
£8bn in additional funding for our
vital public services by intervening
to make sure large businesses play
by the rules.
“In addition, since 2010 we have
secured around £2.5bn from
tackling offshore tax dodgers. The
UK’s tax gap is down to 6pc – its
‘I wrote to HMRC 37
times this year. They
haven’t answered
any of my questions’
lowest level ever, and one of the
lowest in the world.”
The deadline for submissions to
the inquiry is May 31.
How to challenge the
taxman’s calculations
If you disagree with HMRC’s
conclusion as to how much tax you
owe there are official avenues you
can take. Citizens Advice has a guide
on how to do this.
In the first instance contact HMRC
and let them know there’s a problem.
If this doesn’t help, speak to an
independent adviser. Charities such
as TaxAid and Tax Help for Older
People can provide free support.
The next step would
w
be to
ex
appeal, for example
against a
tax liability o
or code, to HMRC.
al seek a waiver
You could also
if there hav
have been delays in
wi your case, or
dealing with
complain about HMRC’s
conduct iif it hasn’t been up
scratch
to scratch.
If you have
exper
experienced
delays,
erro or discourtesy
errors
you can also
com
complain to the
Ad
Adjudicator’s
Office
or the Parliamentary
an Health Service
and
O
Ombudsman.
Official guides that ‘fail’ taxpayers
Sloppy HMRC guidance
leaves the public fumbling
in the dark, Sam Meadows
and Sam Brodbeck discover
P
arents, pensioners and home
buyers are being “failed” by
official calculators and guidance
issued by H M Revenue & Customs.
The tax authority provides dozens
of tools on its website to help
individuals work out their tax liability.
However, Telegraph Money has
uncovered several cases where
guidance remains months out of date
and calculators provide ambiguous
or misleading information.
Senior tax experts have said the
errors expose the strain HMRC is
under in the midst of an enormous
cost-cutting programme that will see
170 regional offices replaced by
13 centres across the country.
George Bull of RSM, the
accountancy firm, said: “This is an
inevitable feature of a tax system that
gets more complex every year and an
HMRC that is too under-resourced to
deal with all the changes.”
Each year the taxman publishes a
document laying out errors in its
online filing system that mean a tax
return can be filed late. For the 2016-17
tax year, there were 77 possible errors.
For taxpayers, the implications of
wrongly interpreting tax rules can
have serious consequences.
Incorrectly paying the stamp duty
surcharge on additional properties, for
instance, can result in tens of
thousands of pounds of unnecessary
tax. Refunds are available where an
error can be proved, but applications
must be made within three months.
Families may have to pay back
child benefit
Middle-income families trying to make
the most of child benefit are being left
without tailored guidance thanks to an
out-of-date calculator.
The value of child benefit plummets
if one family member earns more than
£50,000 a year. Some earning close to
the threshold choose to pay additional
pension contributions, which reduces
their relevant income and allows them
to retain the full benefit.
But HMRC’s calculator only goes as
far as 2016-17, meaning those trying to
make a decision on additional pension
contributions in the current tax year
must guess or seek unofficial help, and
could end up missing out.
Sue Moore, of the Institute of
Chartered Accountants in England and
Wales, said: “Families are unable to
check if they need to make a pension
payment to get below the £50,000
threshold, meaning they might have to
repay some or all of the child benefit
received.”
HMRC says the calculator does not
need to be updated yet as returns for
the current tax year will not be filed
for months. But this penalises those
trying to make their financial plans
now.
Potential to miss out on thousands
in pension savings
Pension savers are also at risk of
missing out on highly valuable tax
relief because of a calculator that can
drastically understate users’ annual
allowance. Contributing to a pension
‘HMRC is too underresourced to deal
with all the changes
each year’
is one of the most tax-efficient ways of
saving for the long term.
The Government encourages the
use of pensions by offering tax relief
on cash stashed away. The amount of
tax relief is based on the saver’s top
rate of income tax, so a higher-rate
taxpayer effectively pays £60 to make
a £100 pension contribution.
There are a range of restrictions on
how much you can save, depending on
salary and whether or not you have
already taken money from a pension.
But most people can save £40,000 a
year and £1m over their lifetime (rising
to £1.03m this April).
Working out how much you can
save in a given year is complicated by
a rule that allows unused allowances
from the past three tax years to be
carried forward.
But those logging on to see how
much they can still add to their
pensions before the end of this tax
year, April 5, are getting confusing
results.
Assuming no contributions had
been made for the past three years or
this tax year, that should give an
allowance of £160,000 to use before
the deadline.
Yet HMRC’s calculator suggests
only £120,000 is available. The
problem appears to be that the tool is
ignoring allowances relating to the
2014-15 tax year. HMRC said the tool
was intended to tell users whether
they had a tax charge, not how much
they could save.
Steve Webb, of Royal London, the
pension firm, said: “When people go
to an official website they have a
right to expect clear and
unambiguous information.
“The HMRC annual allowance
calculator fails that test. These are
not simple calculations, which is why
people go to online calculators in the
first place.”
Buyers could overpay thousands
in stamp duty
Some home buyers could also find
getting information difficult when it
comes to the stamp duty surcharge
on second properties.
Official guidance on the additional
rates, which require those buying
another property pay an extra three
percentage points, was last updated
in November 2016. Last year’s
Autumn Statement made key
changes to the legislation.
Divorcing couples who have a
court order relating to the family
home are now largely exempt, and a
loophole that allowed married
couples to dodge the surcharge was
closed. Neither of these changes are
reflected in the guidance.
The surcharge can make a huge
difference to the overall tax bill. The
buyer of a house worth £500,000
would pay £15,000 without the
surcharge, but £30,000 with it.
Refunds are available for those who
overpay, but the buyer must apply
within a set deadline.
HMRC said it had updated its
stamp duty “manual” to reflect the
changes. But a search for “additional
stamp duty” on gov.uk turns up the
out-of-date guidance.
Nimesh Shah, of Blick Rothenberg,
the accountants, said HMRC’s
manuals were meant for internal use
and for tax professionals, rather than
ordinary people.
“The guidance is there for public
consumption. It’s meant to be
written in an easy-to-read way with
specific examples,” he said. “The
manuals relate to the technical
workings of the HMRC machine.”
The Daily Telegraph Saturday 31 March 2018
***
Money
Discounted
funds a good
buy for end
of Isa season
Schroder Income Growth
Discount: 7.9pc
As with Edinburgh, the £207m
Schroder Income Growth trust has
had a low profile, which contributes
to its larger discount than rivals.
In the past five years it has
delivered a 9.6pc annual net
asset value return, ahead of the
FTSE All-Share Index’s 7.3pc
annual return.
However, its share price return has
lagged. When compared to popular
trust City of London, Schroder
Income Growth has delivered higher
performance but has a larger
discount.
The two trusts even have similar
top 10 holdings, including HSBC and
BP. The Schroder portfolio is more
expensive, at 1pc a year.
Investment trust broker Stifel said
the discount “appears unjustified and
should narrow in time”.
Macau Property Opportunities
W
ith the Isa
deadline
looming next
week, investors
searching for a
bargain to fill
their annual allowance should look
to the discounted funds that are
primed to rebound.
Investment trusts are funds that
are listed on the stock exchange, like
shares in a quoted company. This
means investors buy them at the
market price.
This price is broadly based on the
value of the fund’s underlying assets,
but varies with demand and
investor sentiment.
If an investment trust is popular it
will trade at a premium to the value
of its assets, meaning that investors
are effectively paying more than the
fund is worth. But trusts that are less
in demand will trade at a discount
– allowing investors to buy at a
bargain price.
Average discounts across
investment trusts have reduced over
recent years, making it harder to find
these bargain funds. The average
discount on investment trusts is
currently 5.3pc – up on 3.3pc this
time last year but far lower than the
17.8pc during the 2008 crisis.
Every week The Daily Telegraph’s
Questor share-tipping column looks
at the most attractive investment
trust discounts. Here we round up
the best for this Isa season.
Aberforth Smaller Companies
Discount: 10.4pc
This fund is the ideal pick for those
worried that the current long run
in stock markets may be coming to
its end.
The trust has a “value” approach
to investing, meaning it buys
companies that are undervalued and
few others are buying. It relies on the
company’s fortunes or investor
sentiment turning around – or both.
The trust also focuses on small
companies, so it has avoided a number
of the stocks that seem most
overvalued. Since 1990 the valuation
of shares in large companies has on
average been 23pc higher than that
of their smaller counterparts. That
difference has now ballooned to 76pc.
Peter Walls, who manages a
portfolio of investment trusts and
invests in this trust, said the current
low valuation of the trust’s assets is
due to the “Brexit discount” seen on
a number of domestically focused
UK stocks.
Examples of the trust’s holdings
include wealth manager Brewin
Dolphin, recruiter Robert Walters and
bus and train operator FirstGroup.
The discount has narrowed from
14pc when Questor first tipped it – but
it’s still a buy.
Caledonia
Discount: 15.3pc
Those looking for reliable and growing
income should look no further than
the stable of investment trusts that
have achieved “dividend hero” status
by increasing their payouts every year
for decades.
Caledonia is one such trust, running
£1.9bn of money invested in
companies such as Gala Bingo, asset
manager Seven Investment
Management and British American
Tobacco. It has raised its dividend for
50 consecutive years, but despite this
is trading at more than a 15pc discount.
The trust has also delivered stellar
performance, gaining 68pc over the
past five years, compared to 37pc for
the FTSE All-Share Index.
Analysts said the trust’s large
discount is likely due to its low profile,
leaving it off the radar of many
investors. Fees are relatively high at
1.14pc – which may put some
investors off.
Edinburgh
Discount: 9.9pc
Edinburgh Investment Trust has
been a regular Questor tip – first in
ALAMY
Canny investors should look to cheaper
trusts in a bid to make the most of their
annual Isa allowance, says Laura Suter
October 2016 and then again in
February this year. In that time the
trust’s share price barely moved, and
has fallen since the February tip. The
trust was invested in Provident
Financial and was hit by the firm’s
recent troubles.
As with Aberforth, Edinburgh is a
good buy if you’re worried about stock
markets stumbling.
The trust, managed by Mark Barnett
of Invesco Perpetual, also invests in
the “value” end of the market, as well
as income producing stocks. Current
Macau Property
Opportunities,
which owns flats in
Macau, is trading at
a 16.3pc discount
holdings include British American
Tobacco, oil giant BP and insurer Legal
& General.
Nick Wood, of wealth manager
Quilter Cheviot, said: “In the event of a
correction it is likely to hold up better
than the market as a whole. It also
remains much less exposed to
currency fluctuations than most UK
equity funds we review.”
Questor said the recent
underperformance is largely a result
of the fund’s style being out of fashion.
Such trends do not last forever.
‘Look for
discount
funds
primed to
rebound’
Discount: 16.3pc
A more niche pick, the £150m Macau
Property Opportunities trust is
currently in the process of winding
itself up, selling off assets and
returning cash to shareholders.
The trust owns flats in Macau, a
territory controlled by China, which
are valued at more than the shares of
the trust are currently priced at.
The doubt over the price the flats
can be sold for is the reason for the
discount, but Nick Greenwood, who
owns Macau Property in his Miton
Worldwide Opportunities fund, is
confident that the discount leaves
enough room for some assets being
sold off cheaply.
Questor first tipped the trust in
January at a 30pc discount, which
has now narrowed. It is still a buy.
See all Questor’s share tips at
telegraph.co.uk/business/questor
5
Saturday 31 March 2018 The Daily Telegraph
***
Readers’ letters
Jessica investigates
TalkTalk won’t
transfer contract
Many readers
complain that
the financial
institutions that
are keen to take
their money
are less willing to
answer legitimate
questions. Jessica
Gorst-Williams is
here to help
Send your questions
Write to
Jessica, Your Money,
The Daily Telegraph,
111 Buckingham Palace Road,
London SW1W 0DT
A full postal address, a signature
and daytime telephone number
are needed
LETTER OF THE WEEK
Last autumn we moved
house, having arranged in
good time to transfer the
TalkTalk broadband and
landline telephone service to
our new home.
We had been happy
TalkTalk customers for many
years. On arrival we found a
telephone message saying our
services would be connected
in two weeks’ time.
This coincided with our
going on holiday so we asked
to delay the commencement
until we got back.
Someone from TalkTalk
rang and explained it was
too long a lag time.
The best solution was to
cancel the existing order and
arrange for a new contract to
start on the new date.
TalkTalk was supposed to
call me about this the
following day at 2pm but no
one did.
I rang it only to be told that
TalkTalk would not deal
with me because I had
cancelled the contract.
My strong protests served
no purpose.
JC, SOMERSET
HEATHCLIFF O’MALLEY FOR THE TELEGRAPH
6
The reason TalkTalk had
been able to call you
initially was that the person
moving had not cancelled
their account.
You were not keeping
your old number and
presumably had given
TalkTalk this one.
TalkTalk said it can take
over a working phone line
but, if it is active as the one
at issue clearly was, to do so
would be tantamount to it
taking over someone else’s
service. This would be the
case even with another
TalkTalk account.
Meanwhile, the previous
owner had called, asking
you not to use the phone.
Your calls, he said, were
being billed to him.
After that you decided to
move to another, albeit
more expensive, supplier,
who later told you that the
phone line to the house had
been split into two in some
way. This may well explain
why there had still been an
active line for the previous
householder.
TalkTalk then claimed a
£144.88 cancellation fee
from you and threatened to
damage your credit rating if
you did not pay.
You tried and tried to
resolve this yourself but
couldn’t.
TalkTalk explained to me
that, when it placed the
home move order, there
was a lack of availability at
the exchange so it could not
transfer your services on
the date you initially
requested.
TalkTalk said it tried to
call you back but didn’t
manage to reach you.
Perhaps by then the real
account holder had
cancelled the service.
Due to the new order not
being placed and the home
move order having been
cancelled, a fee was applied
which, it said, given the
circumstances, shouldn’t
have been.
A TalkTalk spokesman
said: “We have apologised to
Mr C for any inconvenience
Aviva payments
are taking forever
I am writing to see if you can
help get an annuity set up so I
can begin receiving my
pension. I wrote to Friends
Life, part of Aviva, five
months ago, and then again a
month later.
I was hoping to get the ball
rolling early, but it turns out
that I probably should have
begun the process a year ago.
STEVE FOULIS, KENT
You contacted Aviva
requesting a quotation
showing what you might
expect to receive from your
pension when you retired in
five months’ time.
It seems the customer
adviser thought you wanted
an illustration rather than
what you were asking for.
Aviva explained that an
“illustration” uses
“generic FCA standard
rates to give customers an
idea of how much annuity
they might expect to
Long wait: Steve and Annette
Foulis had problems accessing
Steve’s Aviva pension funds
caused as a result of this
issue. All outstanding
charges have been waived
and the account has been
closed to his satisfaction.”
NatWest lost my
late mother’s will
My mother died nearly four
months ago, having made
me her executor. She had
banked with NatWest for
more than 60 years.
NatWest’s bereavement
services team advised me to
take originals of her will
and death certificate to my
local branch where they
would be copied.
The copies would then be
sent on by bank staff to the
relevant section of the bank.
I did as asked two days after
my mother’s death.
The copy of the death
certificate reached
bereavement services, but
NatWest managed to “lose”
its copy of the will.
By the time I was notified
of the loss, the original
will had been sent to the
Probate Registry.
Even though a member of
NatWest staff had seen the
original will alongside proof
of my identity, NatWest’s
bereavement services refused
to unblock my mother’s
non-interest bearing
account until I produced a
signed will again.
This, of course, I was
unable to do immediately.
I have had to wait until I
received the Grant of Probate,
almost four months after my
mother’s death, for NatWest
to finally agree to release the
account monies.
NatWest’s error has caused
me considerable stress and
difficulty at an already
unhappy time.
Please advise your
readers that, if they ever
take documents to NatWest
for copying they should
insist on being given a
signed receipt as proof.
They should also make
receive”. A quotation, it
said, is based on “current
information specific to the
customer’s individual fund
and annuity and uses
guaranteed annuity rates if
the customer has
safeguarded benefits”.
This misunderstanding
resulted in a delay in getting
the relevant information
and forms to you.
The total fund value
quoted had fluctuated over
several months until, by
your birthday, it was
worth £112,191.
Aviva’s bonus rates for
with-profits policies may go
up or down.
Aviva emphasised that
this type of policy is not
designed to reflect market
movements on a daily basis,
but rather the investment
conditions over the entire
term of the policy. Bonus
rates factor this in.
In the meantime Aviva
offered £200 compensation
in respect of its slowness.
Only further to my
involvement, though, was
the annuity set up and
£2,097 paid to include sums
backdated from your
sure that two copies are made
and that one is held in reserve
in case of “human error”.
SF, DEVON
The copy of the will never
reached the estates team it
was bound for.
NatWest did offer some
help with bills such as
funeral expenses but there
were still outstanding
carers’ bills and property
expenses too that you had
to pay using your personal
overdraft.
NatWest eventually
apologised for what it
described as a human error,
and offered “a gift”, but not
compensation.
Only further to my
involvement did it send
£350 to make up for the
distress and inconvenience.
It said it would also help
with the expenses you
incurred paying costs from
your overdraft facility.
You say, though, that
extrapolating the necessary
retirement date plus an
extra £500 for goodwill.
An Aviva spokesman
apologised for the delay and
said its service fell short of
its usual standards.
Despite all this, the
following month’s £700
pension payment failed to
appear in your account.
You alerted Aviva and
this was resolved. A further
£150 was added for
compensation bringing the
redress in all to £850.
However, there
remained a problem over
the actual timing of the
monthly payments.
These did not tie in with
your outgoing direct debits,
which had been set up in
anticipation that the
pension would be coming
on the first, or thereabouts,
of each month.
This mismatch was a
by-product of the delays of
Aviva’s making. When the
pension was at last set up,
the first payment was timed
to arrive on the fifth of that
month, setting the trend for
subsequent ones. This, with
more prodding from me, has
now also been remedied.
information would take too
much time in your busy life.
Anyway you feel the £350 is
generous and acceptable.
NatWest added that,
although many branches
will keep a file for “work in
progress”, it is considering
making this the normal
practice throughout
branches in the future.
You are happy that
apparently some good has
come from all this.
A NatWest spokesman
said: “We apologise to Mr F
for the service he received
during a very difficult time.
“We have offered
compensation and are
reminding colleagues to
keep copies of wills.”
Because of the volume of mail received, it is
not possible to respond to every letter, and
correspondence cannot be entered into. Please
do not send original documents or stamped and
addressed envelopes. Responsibility, legal or
otherwise, for answers given cannot be accepted.
Cases currently with an ombudsman, going
through a court of law or sent to other columns
will not be considered. In addition, I cannot take
up issues when the writer is a third party, other
than in exceptional circumstances. I cannot
respond to emails.
The Daily Telegraph Saturday 31 March 2018
***
7
8
***
Saturday 31 March 2018 The Daily Telegraph
The Daily Telegraph Saturday 31 March 2018
9
***
Investing
Fund of the week
‘I’ve just bought Facebook
– and I’m not too worried’
be obsessed with trying to predict
global events on which to base their
investment decisions.
The fact that they are seemingly
unable to predict what happens does
not seem to stop them trying. Even if
you could correctly predict how world
affairs would develop, including the
timing of them, this would not enable
you to use this as a basis of investment
decisions.
To usefully employ your
predictions you would not only have
to be mostly correct, but you would
also need to gauge what the markets
expected to occur in order to predict
how they would react.
For example, most commentators
thought that Donald Trump would not
win the American presidential election
but that if he did the market would fall.
They were wrong on both counts. This
is the reason I waste little or no time
trying to guess what will happen to
factors I cannot control and deploy
£13.8bn fund
manager Terry
Smith tells Sam
Brodbeck how he
runs Britain’s
bestselling fund
E
very year thousands of
investors pour their
money into Terry
Smith’s funds. His
flagship £13.8bn global
fund is a perennial
favourite of Isa investors, and for
good reason. If you’d have invested
£1,000 at launch in 2010, it would
now have turned into £3,600. Last
year, the fund returned more than
double the FTSE 100 index of UK
companies.
A renowned straight-talker, Mr
Smith promises no performance fees,
no trading and “no nonsense”. In a
rare interview, he told Telegraph
Money why he just bought Facebook
and rails against rival fund managers
who try to predict the future.
CV: Terry Smith
YEARS MANAGING
FUND: 7
ANNUALISED
RETURN: 15.3PC
Mr Smith worked
for Barclays
before becoming
a stockbroker in
the Eighties. He
was sacked from
UBS in 1992
following the
publication of his
book Accounting
for Growth. He
What’s your investment strategy?
Invest in good companies, try not to
overpay, and then simply do nothing.
Some big investors have
predicted a significant market
correction, do you agree?
I remain amazed by the number of
commentators, analysts, fund
managers and investors who seem to
founded
Fundsmith in
2010. He is chief
executive and
chief investment
officer.
most of my time and effort on things I
can control. Two of those are whether
we own good companies and what
price we pay to own their shares.
TERRY SMITH
FUNDSMITH EQUITY
Key facts
Launch date
Return since manager start (2010)
vs average peer since launch
300
%
Fundsmith Equity
100
Average peer
0
SOURCE: FE ANALYTICS
-100
2011
Are there shares or sectors you
are avoiding?
We don’t invest in sectors that do not
create value for shareholders over
the long term, such as heavily
cyclical sectors [tied to the fortunes
of the broader economy], financials,
extractive industries [mining], and
airlines.
You’re known for how seldom you
make changes to the portfolio.
What firms have you held forever?
We have held the following stocks
since the fund’s inception:
* Becton Dickinson and Stryker [two
medical technology firms]
* Colgate-Palmolive, Reckitt
Benckiser, Johnson & Johnson and
Unilever [consumer goods firms]
* Diageo [the drinks giant]
* InterContinental Hotels and Kone [a
lift and escalator company]
* Nestlé and PepsiCo
* Philip Morris
Why? Because we think they are
good companies.
What have been your best and
worst investments over your
career?
Fundsmith is my best investment. My
worst, which was before setting up
Fundsmith, was a small holding in a
quoted restaurant group that went to
zero. I won’t say which one, though.
2012
2013
2014
2015
You recently bought Facebook at
near all-time highs – are you
worried you’ve missed the boat?
Facebook’s share price may still now
be high, but its cash flows and
earnings have grown faster than the
share price, which may make it cheap.
Facebook is on a trailing [backward
looking] price-to-earnings (p/e) ratio
of about 29 times. If analyst forecasts
of its growth prove to be correct that
falls to a forward p/e of 23. This
contrasts with a p/e of 50-plus in 2014.
People spend too much time
thinking about valuation. They should
focus on whether or not it’s a good
business because the returns it
delivers will mostly be driven by how
much capital it can invest and what
sort of returns this will make over the
long term, not its valuation.
Do you have your own money in
the fund?
I have over £200m invested in
Fundsmith’s funds, which is a
substantial proportion of my wealth.
It is important fund managers have
skin in the game to truly deliver
alignment of interest with investors.
What would you have done if you
weren’t a fund manager?
2016
2017
2018
Init chge
Mid
Sell
Buy
Weekly
% chg
Init chge
Sell
Buy
Weekly
% chg
Practical Invest Inc
5.00
*225.5
241.1
-0.35
Multi-Mgr Active A Acc†
5.00
*217.6000
-0.96
JPM UK Sm Cos A Inc
3.00
Practical Invest Acc
5.00
*1193
1276
-0.42
Multi-Mgr Distbn A Inc
5.25
*132.1000
-0.83
JPM UK Strat Eq Inc A Acc
Multi-Mgr Divrsfd A Acc
–
*84.2800
-0.50
JPM UK Strat Eq Inc A Inc
Name
Mid
Discretionary Unit Fund
No 1, Poultry, London EC2R 8JR. 020 7415 4130
AXA Investment Managers UK
Limited
Maitland Discretionary Inc
3.00 2381.89 2518.91
-0.87
7 Newgate Street, London, EC1A 7NX
www.axaframlington.com Cust Svs: 0845 777 5511
Name
Init chge
Sell
Mid
Buy
Weekly
% chg
Name
Init chge
Sell
Mid
Buy
Weekly
% chg
-5pc
1. Paypal
6.1pc
2. Microsoft
5.7pc
3. Amadeus
5.4pc
4. Novo Nordisk
4.7pc
5=. Stryker
4.5pc
5=. Philip Morris
4.5pc
5=. Waters Corporation
4.5pc
8=. Facebook
4.2pc
8=. InterContinental Hotels
4.2pc
8=. IDEXX
4.2pc
TERRY SMITH EXPLAINS WHY IDEXX LABS
WILL STAY AHEAD OF THE PACK
IDEXX Laboratories is the world’s
leading maker of veterinary
diagnostic equipment. We like pet
product companies.
In the developed world, pets are
treated as full family members.
With people having children
later, pets are often child
substitutes.
Vets can tell stories
about a willingness to
spend endless amounts
on pet care, and
millennials in
particular regard their
pets in a way that
encourages this.
Nor is the developing
world exempt from this trend
– Brazil is probably the fastest
growing pet market globally.
As a result, pets are moving from a
time when they visited the vet twice
in a lifetime – once when they were
born to get their jabs, and secondly
I’d have been a professional boxer.
Name
Init chge
89.5400
-1.58
Jupiter Japan Inc Fd Inc
3.00
*180.3000
-0.39
Jupiter Merlin Bal Prtfo Acc
3.00
*107.6000
-0.37
Jupiter Merlin Bal Prtfo Inc
Mid
Sell
Buy
Weekly
% chg
*90.38
-0.37
–
177.19
-0.47
–
123.78
-0.47
–
Name
The fund has an
annual ongoing
charge of
0.97pc for the
I share class.
The
investment
shop you use
will also levy
a charge.
Our colour
coded tables at
telegraph.
co.uk/go/
cheapisa will
guide you to
the cheapest
available
options.
when they were dying – and are now
visiting the vet as much or more than
their owners see a doctor.
Testing equipment is doubly
important in animal diagnostics, as
they can’t tell you how they feel or
describe their symptoms.
IDEXX’s equipment can produce
test results while you are in the
waiting room. It is more
efficient if the patient
remains on the premises
and the vet can
prescribe treatment
immediately.
We are therefore
reasonably confident
that IDEXX’s market
will continue to grow.
IDEXX spends more
on research and
development than all its
competitors combined, which should
help to maintain its leading position.
Last year its return on capital
employed [the profit divided by the
net assets of the business, minus its
borrowings] was 32pc.
Life and Pension Prices
Init chge
Sell
Mid
Buy
Weekly
% chg
Name
Sell
Mid
Buy
Weekly
% chg
Aviva Life & Pensions UK Ltd
formerly National Westminster Life Assurance Ltd
Wellington Row, York, YO90 1WR. 01904 628982
Multi-Mgr Inc&Gwth A Acc
5.00
*172.3000
-0.75
JPM Uncons Bond A Acc
3.00
72.2000
-0.45
Jupiter Merlin Conserv Prtfo Acc–
*57.26
+0.23
Multi-Mgr Inc&Gwth A Inc
5.25
*150.7000
-0.79
JPM Uncons Bond A Inc
3.00
57.2000
-0.47
Jupiter Merlin Conserv Prtfo Inc–
*49.52
+0.22
Multi-Mgr Mangd A Acc†
5.00
*270.5000
-0.62
JPM US A Acc
3.00
*983.9000
-3.44
Jupiter Merlin Grth Prtfo Acc –
*391.81
-1.34
M & G Securities Ltd
Mixed Inv 20 60% 1 S5 Acc
Multi-Mgr Mangd A Inc†
5.00
*263.5000
-0.64
JPM US A Inc
3.00
*136.2000
-3.47
Jupiter Merlin Grth Prtfo Inc –
*380.78
-1.34
4.25 219.9900 229.4800
+0.46
JPM US Eq Inc £ Hdg A Inc
3.00
*115.6000
-3.26
Jupiter Merlin Inc Prtfo Acc
289.01
-0.03
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196
Gwth Managed
Sterling Bond Acc†
–
How to buy the
fund cheaply
IN FOCUS: IDEXX LABS
‘MILLENNIALS LOVE THEIR PETS’
Unit trusts & open-ended investment companies prices www.telegraph.co.uk/funds
Name
245pc
Return year to date
Top 10 holdings (as of 28/02/2018)
200
What sectors do you like?
We favour technology, consumer
staples and healthcare.
November 2010
Name
Sell
Mid
Buy
Weekly
% chg
-2.44
SE Asia Equity
395.60
416.40
Deposit & Tres 3 S5 Acc
172.00
181.00
-0.06
Fixed Interest
271.60
285.80
+0.85
Index-Linked
429.30
451.80
+0.96
Distribution
87.90
92.50
-0.23
374.50
-0.17
Pension Funds
Series 1 Life Funds
Sterling Bond Inc†
4.25 65.0200 67.8100
+0.46
JPM US Eq Inc A Acc
3.00
*164.2000
-2.61
Jupiter Merlin Inc Prtfo Inc
–
130.70
-0.03
Charibond Inc
–
123.37
+0.44
355.80
381.00
-1.04
Mxd Inv 20 60% 1 S12 Pens Ac 462.70
487.10
-0.13
Flexible Inv 1 S5 Acc
389.60
410.10
-1.39
Gwth Man Ser A
475.20
500.20
-1.14
Global Managed
362.60
381.70
-2.03
Flex Inv 1 S12 Pens Acc
498.60
524.80
-1.64
UK 1 S5 Acc
393.10
413.80
-0.33
Global Man Ser A
492.40
518.30
-2.24
362.00
Amer Gwth Acc
5.25
*564.8
-3.63
Strategic Bond A Inc
4.00
123.8000
+0.41
JPM US Eq Inc A Inc
3.00
*132.8000
-2.57
Jupiter Merlin WW Prtfo Acc –
281.61
-1.65
Charibond Acc
–
3962.57
+0.44
American Equity
507.30
533.90
-3.72
UK Equity Ser A
506.80
533.50
Biotech Acc
5.50
*165.8
-2.18
UK Absolute Return A Acc
5.00
155.8000
-0.13
JPM US Select A Acc
3.00
*153.4000
-3.40
Jupiter Merlin WW Prtfo Inc –
281.60
-1.65
Charifund Inc
–
1527.2
+1.22
Japanese Equity
161.10
169.50
-0.25
Dep & Treas 1 S12 Pens Ac
194.30
204.50
…
Emerg Mkts Acc
5.25
270.9
-1.81
Fidelity International
UK Alpha A Acc†
5.25
143.9000
-0.14
JPM US Select A Inc
3.00
*151.4000
-3.44
Jupiter Monthly Inc Acc
113.98
-0.51
Charifund Acc
–
23379.72
+1.22
European Equity
711.00
748.40
-0.92
Fixed Interest Ser A
372.40
392.00
+1.03
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181
UK & Irish Small Co A Acc
5.00
630.0000
-1.52
JPM US Sm Cos A Acc
3.00
611.0000
-5.09
Jupiter Monthly Inc Inc
–
30.53
-0.49
M&G Corp Bond A Inc
3.00
40.68
+0.47
SE Asia Equity
407.80
429.20
-2.44
Mxd Inv 20 60% 2 S12 Pens Ac 442.60
465.90
-0.11
Cash
162.40
170.90
…
478.30
-1.13
UK Equity Income A Inc
5.00
614.7000
-1.06
JPM US Sm Cos A Inc
3.00
160.0000
-5.10
Jupiter N.American Inc Acc
–
*142.31
-3.57
M&G Corp Bond A Acc
3.00
69.58
+0.48
Fixed Interest
280.90
295.70
+0.83
Flex Inv 2 S12 Pens Ac
476.80
501.80
-1.63
UK Index A Acc
–
595.3000
+1.04
Jupiter N.American Inc Inc
–
*118.57
-3.58
M&G Dividend A Inc
4.00
58.06
+0.24
Index-Linked
405.50
426.80
+0.97
Glob Man 2 S12 Pens Ac
471.10
495.80
-2.24
+0.24
Distribution
91.20
96.00
-0.22
UK 2 S12 Pens Ac
484.50
510.00
Dep & Treas 2 S12 Pens Ac
189.10
199.00
…
Fixed Interest Ser B
366.20
385.50
+1.02
442.20
-0.14
European Acc
5.25
858.5
-0.08
Financial Acc
5.25
650.5
-2.78
Global Opp Acc
5.25
1388.0
-2.39
Global Opp Inc
5.25
1225.0
-2.31
Unit Trust
UK Tracker A Acc
Global Tech
5.25
103.9
-5.80
Wealthbuilder
Health Acc
5.50
1709.0
-0.70
Investment Funds (OEIC)
Japan Acc
5.25
*597.5
-0.67
Managed Balanced Acc
5.25
376.8
-0.13
Managed Income Inc
5.25
*140.7
Managed Income Acc
5.25
Monthly Inc Inc
3.50
130.9
-1.06
US Growth A Acc
–
5.00
266.8000
954.9000
Jupiter Unit Trust Managers Ltd
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000
–
100.03
+0.01
…
Cash Fd Y Accum.Units
–
100.32
+0.01
*985.7
…
Income Funds
5.25
*248.3
-0.08
Monthly Inc Acc
5.25
*600.8
-0.05
Enhanced Inc Fd
3.50
103.3
+1.87
UK Growth Acc
5.25
288.1
+1.23
Extra Income Fd
3.50
27.62
+0.11
UK Select Opps R Inc
5.25
*1835.0
-0.11
Moneybuilder Bal
–
48.07
+1.35
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770
UK Select Opps R Acc
5.25
*3366.0
-0.12
Moneybuilder Inc
–
36.66
+0.36
JPM America Eq A Acc
3.00
85.4200
UK Smllr Cos Acc
5.25
294.9
-1.50
Growth & Income Funds
JPM America Eq A Inc
3.00
+0.15
Pan Euro HY Bond Acc
5.25
*104.4
+0.10
M&G Dividend A Acc
4.00
646.5
+0.62
M&G Episode Growth A Inc
4.00
*59.57
-1.34
Jupiter Strategic Bond Acc
–
*98.01
+0.38
M&G Episode Income A Inc
4.00
*129.17
-0.20
Mixed Inv 20-60% 2 S5 Acc
305.30
321.40
-0.23
Mxd Inv 20 60% 3 S12 Pens Ac 442.20
Jupiter Strategic Bond Inc
–
*64.94
+0.37
M&G Episode Income A Acc
4.00
*168.49
-0.20
Growth Man
318.40
335.20
-1.24
Gwth Man Ser C
455.20
455.20
-1.13
Jupiter Strategic Res Acc
–
53.33
+0.02
M&G Global Dividend A Inc
4.00
196.41
-1.58
Flex Inv 3 S12 Pens Ac
478.00
478.00
-1.65
Jupiter Strategic Res Inc
–
51.91
+0.02
M&G Global Dividend A Acc
4.00
266.75
-1.58
-2.25
Growth Man
344.80
362.90
-1.06
Deposit & Tres 3 S12 Pens Ac
189.00
189.00
…
Jupiter Asian Fd
–
891.25
-1.43
Jupiter UK Smaller Cos
–
*356.97
-1.51
M&G Glbl Emrgng Mkts A Acc 4.00
*281.51
-2.48
Flex Inv 3 S5 Acc
372.30
391.90
-1.40
Fixed Interest Ser C
366.50
366.50
+1.02
Jupiter Asian Inc Fd Acc
–
*126.59
-0.91
Jupiter UK Special Sits Inc
–
181.89
+0.28
M&G Glbl High Yld Bd A Inc
3.00
*50.05
-0.18
Global Managed
350.70
369.10
-2.04
M&G Glbl High Yld Bd A Acc
3.00
*130.45
-0.18
M&G Global Macro Bd A Inc
3.00
*82.22
+0.93
-3.38
M&G Global Macro Bd A Acc
3.00
*124.12
+0.94
85.4100
-3.39
M&G Global Themes A Inc
4.00
842.87
-0.93
*204.7000
-2.38
M&G Global Themes A Acc
4.00
1310.29
-0.93
JPM Asia Growth A Inc
3.00
*112.8000
-2.42
M&G Managed Growth A Inc 4.00
107.44
-1.74
+0.67
JPM Emg Euro Eq A Acc
3.00
*206.1000
-2.28
M&G Optimal Income A Inc
3.00
150.79
-0.09
JPM Emg Euro Eq A Inc
3.00
*45.5200
-2.30
M&G Optimal Income A Acc
3.00
210.44
JPM Emg Markets A Acc
3.00
*221.6000
-2.64
M&G Property Portfolio A Inc
–
117.68
117.68
-0.09
+0.25
-1.96
American
3.50
3560
-1.63
JPM Emg Markets A Inc
3.00
*94.4100
-2.61
M&G Recovery A Inc
4.00
133.98
Amer Sp Sits
3.50
1442
-1.97
JPM Emg Mkts Inc A Acc
3.00
*73.2400
-1.40
M&G Recovery A Acc
4.00
313.41
-1.96
European
3.50
2168
+0.14
JPM Emg Mkts Inc A Inc
3.00
*58.5200
-1.40
M&G Strategic Corp Bd A Inc 3.00
*75.37
+0.23
+0.04
JPM Eur Dyn (ex-UK) £ Hg A Acc3.00
*209.6000
-1.87
M&G Strategic Corp Bd A Acc 3.00
*116.56
+0.22
3717
-1.54
JPM Euro Dyn (ex-UK) A Acc 3.00
*214.6000
-1.47
M&G UK Inc Distribution A Inc 4.00
*754.23
+1.63
Investors: 0800 614330 Brokers: 08085 660000
www.bnymellonim.co.uk,
clientservices@bnymellon.com
Japan
3.50
359.5
-0.36
JPM Euro Dyn (ex-UK) A Inc
3.00
*96.3100
-1.47
M&G UK Inc Distribution A Acc 4.00
*6862.12
+1.63
Japan Smaller Cos
3.50
316.7
-1.37
JPM Europe A Acc
3.00
*1413.0000
-0.42
M&G UK Infl Lkd Corp A Inc
3.00
114.82
-0.21
Global Focus
3.50
1878
-0.53
JPM Europe A Inc
3.00
*78.5400
-0.39
M&G UK Infl Lkd Corp A Acc 3.00
118.11
-0.20
102.2800
+1.09
JPM Euro Smaller Co A Acc
3.00
757.8000
-0.72
N.A.A.C.I.F. Inc
–
82.96
+0.41
3825
-0.23
JPM Euro Smaller Co A Inc
3.00
98.1500
-0.73
N.A.A.C.I.F. Acc
–
8173.11
+0.41
South East Asia
3.50
1334
-1.19
JPM Global Bd Opps A Grs Acc –
*54.3600
-0.04
114.91
-5.10
UK Select Acc
3.50
277.5
+0.65
JPM Global Bd Opps A Grs Inc –
*49.0900
-0.04
0%
*93.41
+0.35
Target Funds
JPM Global Bond A Gross Acc 3.00
*262.8000
+0.27
0%
168.22
+0.86
JPM Global Bond A Gross Inc 3.00
*203.9000
+0.30
0%
*124.31
+0.53
Target 2020
JPM Global Eq Inc £ Hdg A Acc 3.00
*80.4900
-2.09
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848
Insight Glob Abs Ret Inc
0%
109.53
-0.20
†CAR - Net income reinvested
JPM Global Eq Inc £ Hdg A Inc 3.00
*54.1300
-2.08
Balanced Inc
5.00
*326.00
Insight Glob Multi-Strat Fd
0%
120.67
-0.07
JPM Global Eq Inc Fd A Acc
3.00
*93.1200
-1.63
Balanced Acc
5.00
*418.30
-0.40
Insight Inflat-Link Corp Bd
0%
107.24
+0.03
JPM Global Eq Inc Fd A Inc
3.00
*75.8500
-1.62
Equity Income
5.00
*342.50
+0.82
Insight Eq Inc Booster
Long-Term Global Equity
0%
241.79
-1.74
Newton Asian Income
0%
191.92
-0.48
Newton Cont European
0%
257.85
+1.35
Newton Global Dyn Bd
0%
102.50
+0.02
Newton Glb High Yld Bd
0%
*59.90
-0.05
3.50
64.83
-0.11
†CAR - Net Income reinvested.
Natwest Investment Funds
JPM Global HiYld Bd A Grs Acc 3.00
109.3000
-0.27
Extra Income
5.00
*109.00
+0.65
JPM Global HiYld Bd A Grs Inc 3.00
36.5400
-0.30
Growth
5.00
*385.20
+0.39
PO Box 10846, Chelmsford, Essex, CM99 2BW.
0330 123 1815
www.fundsmith.co.uk enquiries@fundsmith.co.uk
JPM Global HiYldBdAGrsMthInc3.00
36.38
-0.33
JPM Global Macro Bal A Acc
3.00
*72.5100
-1.37
JPM Global Macro Bal A Inc
3.00
*63.5500
-1.38
Name
Init chge
Sell
Mid
Weekly
Buy % chg
Name
Init chge
Sell
Mid
Weekly
Buy % chg
0%
187.88
+0.63
Fundsmith Equity T Acc
–
344.72
-1.76
JPM Global Macro Opps A Acc 3.00
73.9
-2.97
Jupiter Asian Inc Fd Inc
–
*117.82
-0.90
Jupiter US Sm&Md Inst I Acc –
69.13
-3.04
Newton Glb Opps
0%
268.24
-0.53
Fundsmith Equity T Inc
–
320.05
-1.76
JPM Global Macro Opps A Inc 3.00
73.21
-2.94
Jupiter China Acc
–
*135.67
-3.24
Jupiter US Sm&Md Cap Ret Acc –
63.83
-3.04
Newton Intnl Bond
0%
230.81
+1.10
JPM Global Uncons Eq A Acc 3.00
*1263.0000
-3.29
Jupiter China Inc
–
*130.36
-3.24
Newton Multi-Asset Bal
0%
187.09
+0.24
JPM Global Uncons Eq A Inc 3.00
*93.8200
-3.24
Jupiter Corp Bond Inc
–
*56.77
+0.51
Newton Mult-Asset Div Ret
0%
153.32
-0.49
JPM Japan A Acc
3.00
*463.5000
-0.45
Jupiter Dstrbtn Acc
–
100.55
+0.37
Newton Mult-Asset Gwth
0%
796.68
-1.49
JPM Japan A Inc
3.00
*111.6000
-0.45
Jupiter Dstrbtn Inc
–
58.48
+0.38
0%
660.03
-3.60
Newton Real Return A
0%
111.17
+0.04
Newton UK Equity Fund
0%
831.16
+0.95
Newton UK Inc
0%
64.30
+0.94
Newton UK Opps
0%
314.35
+0.11
Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0845 850 0255
JPM Multi-Asset Income A Acc 3.00
93.8300
-0.31
Jupiter Dstrbtn & Grth Inc
–
119.42
+0.34
Glob Income
5.00
152.38
160.67
-0.46
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: www.janushenderson.com
JPM Multi-Asset Income A Inc 3.00
64.7800
-0.29
Jupiter Eco Inc
–
369.82
-1.03
Growth Fd
5.00
398.62
422.06
+0.87
-1.54
64.57
-0.31
Jupiter Emerg Euro Opps
–
212.60
JPM Multi-Man Gwth A Acc
3.00
*961.2000
-1.27
Jupiter European
–
2080.11
-0.29
-1.46
JPM Multi-Man Gwth A Inc
3.00
*879.5000
-1.27
Jupiter Euro Inc Acc
–
78.72
+0.60
5.00 *105.1300 110.4400
-1.81
JPM Natural Res A Acc
3.00
*574.5000
-2.35
Jupiter Euro Inc Inc
–
54.00
+0.58
Kings Meadow, Chester, CH99 9UT
0870 333 1835
5.00
*257.9000
+0.98
JPM Natural Res A Inc
3.00
*40.2700
-2.35
Jupiter Euro Special Sits
–
*405.39
+0.64
High Income Inc
–
*113.3
113.3
+0.35
Cautious Managed A Inc
5.00
*148.6000
+0.95
JPM Portfolio A Acc
3.00
257.1000
-1.53
Jupiter Fin Opp
–
595.42
-3.27
High Income Acc
–
*257.8
257.8
+0.39
China Opps A Acc
5.00
1433.0000
-3.70
JPM Sterling Corp Bd A Grs Acc 3.00
*92.6700
+0.53
Jupiter Fund Of Inv Trusts
–
247.07
-1.39
UK Select Port Inc
–
330.8
330.8
-0.45
Emerg Mkts Opps A Acc
5.00
206.3000
+0.29
JPM Sterling Corp Bd A Grs Inc 3.00
*55.5800
+0.52
Jupiter Global Emg Acc
–
70.80
-2.44
UK Selection Port
–
599.5
599.5
-0.43
5.25
229.4000
+0.26
JPM UK Dynamic A Acc
3.00
*194.4000
-0.77
Jupiter Global Eq Inc Acc
–
*69.20
-1.68
UK 100 Co’s Fund Inc
–
*208.4
208.4
+0.63
1593.0000
–
*359.6
359.6
+0.64
5.00
Asian Dividend Income Inc
Cautious Managed A Acc
1081.0000
JPM Multi-Asset Inc A Mth Inc 3.00
*153.5
-2.10
European Growth A Acc†
Generation Fd
5.00
*769.8
-2.68
European Sel Opps A Acc
5.00
+0.31
JPM UK Dynamic A Inc
3.00
*153.3000
-0.78
Jupiter Global Eq Inc Inc
–
*60.54
-1.67
UK 100 Co’s Fund Acc
Fixed Int Mthly Inc A Inc
4.25 *21.8700 22.8100
+0.05
JPM UK Equity Core E Acc
–
*344.8000
+0.97
Jupiter Global Managed Acc
–
*223.11
-1.32
W’wide Man Inc
–
487.7
-1.30
–
W’wide Man Acc
–
782.5
-1.30
4.50
277.9000
-2.80
JPM UK Equity Core E Inc
–
*59.0000
+0.96
Jupiter Global Managed Inc
*214.38
-1.32
Global Equity Inc A Inc†
5.25
*57.9500
-0.41
JPM UK Equity Gwth A Acc
3.00
*137.1000
-0.72
Jupiter Growth & Inc
–
97.47
+0.63
Global Growth Acc
4.25 2914.7800 3040.3401
-2.37
JPM UK Equity Gwth A Inc
3.00
*123.0000
-0.65
Jupiter Income
–
535.33
+0.44
Global Care Growth A Inc
Global Strategic Cap Acc†
5.00
231.2000
-1.66
JPM UK Higher Inc A Acc
3.00
*1033.0000
-0.39
Jupiter India Fd
–
*120.80
+0.54
Unit Tst Inc
5.00
*49.82
50.58
-0.78
Global Technology A Acc
5.00
1605.0000
-5.48
JPM UK Higher Inc A Inc
3.00
*537.6000
-0.37
Jupiter Int Financials
–
92.97
-4.42
Unit Tst Acc
5.00
*128.5
130.5
-0.77
Multi-Mgr Abs Ret A Acc
5.00
*139.5000
-0.14
JPM UK Sm Cos A Acc
3.00
468.9000
-1.59
Jupiter Japan Inc Fd Acc
–
*115.43
-0.36
*126.90
+0.40
5.00
*496.80
-1.53
Marks & Spencer Unit Trust
Management Ltd
5.00
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Client Services 0345 850 8818
5.00
Intntl Growth
PO BOX 23850, Edinburgh EH7 5FY
Dealing and Admin 0330 123 3822
Janus Henderson Investors
Asia Pac Cap Gwth A Acc
High Yield
Liontrust Investment Funds
FENIX Balanced Fd
Consistent Unit Trust
Management Co Ltd
-0.43
Fundsmith LLP
Newton Glb Inc Stg Inc
Newton Oriental
-0.31
-2.48
491.0
Insight Eq Inc Fund
485.70
*260.05
3.50
Insight Corporate Bd
485.70
M&G Glbl Emrgng Mkts A Inc 4.00
3.50
0%
UK 3 S12 Pens Ac
+0.19
Global Special Sits
Boston Co US Opp Fund
-0.15
315.32
European Opps
Sterling Income Shares
472.80
356.70
–
+1.93
–
472.80
338.90
Jupiter UK Growth
75.14
3.50
Glob Man 3 S12 Pens Ac
Mixed Inv 20 60% 3 S5 Acc
+1.22
242.6
Special Sits
Series 3 Life Funds
53.90
–
Index UK A Acc
Series 2 Life Funds
–
BNY Mellon Fund Managers
BNY Mellon Investment Funds (ICVC)
-0.31
69.83
3.50
Growth Funds
454.40
Jupiter Responsible Inc Fd Inc –
Moneybldr Gwth
3.00
Gwth Man Ser B
-0.30
Jupiter Abslt Rtn
J.P. Morgan Asset Management
JPM Asia Growth A Acc
*32.33
+0.62
108.43
Moneybldr Div
AXA IM Funds www.axa-im.co.uk
5.25
Jupiter Responsible Inc Fd Acc –
-4.47
†Available as an ISA
Cash Fd Y
Pan Euro HY Bond Inc
+1.44
–
INITIAL CHARGE: This charge in percentage terms is
included in the purchase price of the units. It is levied
by the unit trust manager to cover administrative costs
and commissions.
* Denotes Ex-dividend
401.70
-0.34
American Equity
490.30
516.00
-3.73
Japanese Equity
153.80
161.80
-0.26
European Equity
690.50
726.70
-0.90
UK 3 S5 Acc
381.70
10
Saturday 31 March 2018 The Daily Telegraph
***
Money
25 ways to make
the most of your
Isa allowance
Investors fall into the same traps every year in the
last-minute rush for tax-free savings. These tips will
help you keep your head, writes James Connington
1
Know your time horizon
Spouses can
transfer money to
each other
tax-free, right;
workers at the
New York Stock
Exchange, below.
Investing in other
countries’ markets
can help combat
over-exposure to
London-listed
stocks
Before you can pick the right
investments, you need to know
how long you’re going to keep them.
Those in their 30s or 40s who are
planning to invest until their
retirement can put their money
into assets that rise and fall more
rapidly, as over time these are likely
to result in larger gains.
However, those at or nearing
retirement, who are reliant on their
investments to fund their lifestyle,
will need to reduce the risk.
2
3
Don’t ignore trusts
An investment trust is listed as
a company in itself. The price of
the shares is affected not only by the
performance of the underlying
investments, but by investor
sentiment towards its own shares.
This means that often, investment
trusts can trade at less than the value
of their assets and can be bought at
a discount.
However, investors need to be sure
of the reason for any discount, in case
of underlying problems.
4
Use ‘passives’ in some cases
“Passive” funds differ from
active funds in that they do not
search for companies they think will
outperform the market.
These funds track an index or
market, such as the FTSE 100 list of
leading British companies. They
charge less than active funds, and can
form a good base for a portfolio.
However, investors should avoid
overly complicated passives, or those
in particularly niche markets.
Invest monthly
Many will invest a “lump sum”
to meet their annual Isa limit.
But making it a single payment is the
wrong approach. Instead, investors
should “drip feed” their money
monthly, over the year.
Investment shops allow you to set
up direct debits to do this. This
strategy provides the benefit of
“pound cost averaging”. As stock
markets fall, your regular monthly
payment buys more shares or units.
When markets rise, fewer shares and
units are purchased, reducing the
risk of getting the timing wrong.
5
GETTY IMAGES; AP PHOTO/RICHARD DREW
T
he deadline for the end
of the tax year is in five
days, and many are
rushing to fill up their
Isa allowance for the
year. Amid the
scramble to secure cash within a tax
wrapper, investors should not act
rashly and forget the key rules of
investing. Here we lay out the 25 dos
and don’ts for investing your Isa.
Paying active management fees
for a fund that merely tracks an
index is a waste of money.
A fund’s “active share” score will
help to tell you how much it differs
from the benchmark for its sector,
but this is not widely available.
Instead, you can compare
performance charts of a fund to those
of its benchmark index, and compare
the top 10 holdings of each. If there is
too much overlap, you may have a
closet tracker.
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Don’t stick it all in the UK
Investors tend to focus too much
on holding UK stocks.
A typical investor holds around a
quarter of their portfolio in Londonlisted stocks, despite the UK only
accounting for 7pc of the global
market, according to asset manager
Vanguard.
Allocating more money to “global”
funds that invest in different
countries’ stock markets can help to
combat this.
7
Don’t just buy performance
If a fund has performed strongly,
the main thing it tells you is that it
has made lots of other people money.
Instead, look at the manager’s
long-term performance record
compared to the benchmark index,
and whether the investing style is
expected to continue outperforming.
For ideas, try our Telegraph 25 list
of favourite funds at telegraph.co.uk/
go/25funds.
8
Try a cheap “all-in-one” fund
There are plenty of options
available for those who do not
want to put together a portfolio of
funds and shares themselves.
Vanguard’s LifeStrategy range of
low-cost, passive, all-in-one funds is
frequently recommended by the
advisers Telegraph Money speaks to.
Online investment services, or
“robo-advisers”, such as Nutmeg,
Wealthify, Moneyfarm and Scalable
Capital offer another option to take
management control.
14
Pick a cheap fund shop
While portfolios need to be
diversified, investors can
end up spreading their money too
thinly across funds, and losing track
of everything they have bought.
Experts say around 15 funds is the
most any investor should hold. If you
have more than this, consider
streamlining.
Don’t hold on to long-term
laggards
The hardest investment
discipline is knowing when to sell.
Selling on a temporary dip in
performance is foolish, but if an
investment has been steadily
underperforming then you should be
ruthless with cutting your losses.
It takes a huge turnaround to
recover significant losses – if a fund or
stock falls by 50pc, it needs to grow by
100pc to get back to where it was.
20
Check your fund
manager hasn’t left
Fund managers move
frequently, and tend to leave their
fund behind when they do so.
If a manager leaves, you need to
weigh up whether you move with
the fund manager, assuming they
are still running the same type of
strategy, or stick with their
replacement.
Don’t always assume that you
should move with the manager, as a
lot of their performance depends on
the asset manager, the team they
have around them and time they are
able to dedicate to the fund.
15
22
23
Avoid synthetic ETFs
24
Revisit your priorities
Funds have complicated
names, and often many
different share classes with varying
fees. Ask your broker for the cheapest
retail share class, and check existing
investments to see if you’re paying
too much. If the fee is more than
1pc for an active fund, or 0.5pc for a
passive fund, check if a cheaper
version is available.
16
Pick sustainable income
Many income funds will
target the highest yield that
is sustainable, but some will sacrifice
your initial capital in order to
generate even more income.
If your initial capital is depleted,
that will affect future income. Don’t be
tempted by a high yield without
checking capital performance, too.
17
Rebalance
18
Buy only a few funds
Doing something is not
always better than doing
nothing. Avoid needless tinkering, as
doing so could derail an investment
plan and lead to unnecessary fees.
Ensure you only make decisions
based on a rational process and hard
evidence. Don’t switch a fund or
stock on a whim.
Down? Buy more
Check the share class
10
Don’t rely on big names
Stick to your plan
21
Many “unknown” fund managers
have actually delivered top
returns over recent years.
While well-known managers such
as Terry Smith and Nick Train are
popular for a reason, you should not
limit yourself just to them.
9
19
The cheapest investment
platform, broker or fund shop
depends on the size of your portfolio
and how it is invested.
Platforms either levy a percentage
fee or a flat charge, and the cost of
buying funds and shares varies
between platforms. Our colour-coded
tables will help you find the right
platform. You can view them at
telegraph.co.uk/go/cheapisa.
Consider the investment choice and
customer service level, too.
The risk with a fund that
performs well is that it ends
up representing too much of your
portfolio, and so your portfolio
becomes overly reliant on that one
fund’s returns.
If you make regular contributions
into your Isa or pension – each
month, for example – you can use this
new money to reset the portfolio,
rather than selling and reinvesting in
existing funds or shares.
11
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13
Reinvest dividends
If you are invested in
income-producing funds or
shares and you do not need the
money now, you can reinvest the
income and boost your investments.
The miracle of compound interest
means you get returns on your
returns. With funds, you need to make
sure you buy “accumulation” share
classes. With shares, ask your broker
to reinvest your dividends.
6
I"mƂh mIG 8V}Ų
Don’t obsess
All investments are volatile to
some degree, and even the
best funds will have periods when
they lose money. Checking your Isa
every day and fretting over small
movements is a bad habit. If you’re
investing for years, it doesn’t matter if
you lose money over a week.
Avoid ‘closet tracker’ funds
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12
Hunt out old Isas
Money left in forgotten Isas
could be put to better use.
Old investments may be stuck in
outdated, expensive share classes, or
in funds where the original manager
has moved on. Old cash Isas are likely
to be earning little to no interest.
You should consolidate into the
fewest accounts possible.
Use your spouse’s Isa
allowance
If you have more funds than
your own £20,000 Isa allowance to
invest, one option is to give it to your
spouse. There is no tax on transfers
between spouses, and they can save
or invest it in Isas under their name.
Panic-selling when an
investment falls over the
short term is one of the worst things
you can do, as selling locks in the
loss. If the investment is for the long
term and you still believe in the
reasoning behind it, ride out the
volatility – you could even buy more
after a fall to boost returns when
it recovers.
However, if underperformance is
sustained, you should consider
cutting your losses.
There are two types of
exchange traded funds
(ETFs). Physical ETFs directly invest
in the assets of the index that they
track. Synthetic ETFs use a complex
series of derivatives to mirror the
performance of an index.
The latter are typically the
cheaper of the two, but involve
greater risk as counterparties are
involved. In a worst-case scenario,
one of these could go bust.
People often put their
portfolios together
and then leave them for a number
of years.
But investors should revisit them
frequently to make sure they still
meet three factors: your attitude to
risk, investment time horizon and
investment goals.
25
Only invest in what you
understand
This adage is one of the
most important rules for investors.
If you don’t understand what a
fund invests in, the charges and the
risks involved, don’t buy it.
Don’t miss Money
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Brompton bike founder
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