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Chapman Tripp assists Barclays to get slice of PIE

CHAPMAN TRIPP partners Tim Williams and Craig Elliffe, and senior solicitor, Gabriel Gati worked with Barclays Capital Asia on the establishment of a new portfolio investment entity (PIE), the…

user iconLawyers Weekly • 04 January 2008 • Big Law
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CHAPMAN TRIPP partners Tim Williams and Craig Elliffe, and senior solicitor, Gabriel Gati worked with Barclays Capital Asia on the establishment of a new portfolio investment entity (PIE), the Celsius New Zealand Income Fund Series 1.

 
 

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The product takes advantage of both the PIE tax rules introduced on 1 October and the new fair dividend rate (FDR) tax rules introduced on 1 April 2007.

The fund will pay tax on 5 per cent of the average market value of its investments (less deductible expenses) during each year. Application has been made to NZX for permission to list units in the fund on New Zealand stock market.

“This investment product is one of the first of many that will be structured to benefit from the opportunities now available under the new PIE and FDR tax changes,” Williams said.

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