For immediate release: Wednesday 7 December 2005

IMA WELCOMES MOVE TO MAKE NON-UCITS RETAIL SCHEMES  ELIGIBLE ISA INVESTMENTS

IMA welcomes the amendments that were laid before Parliament yesterday to allow non-UCITS retail schemes to be eligible for inclusion in ISAs, PEPs and Child Trust Funds.

The amendments will come into force on 27 December 2005¹, after which time managers will be able to market non-UCITS retail funds, such as funds of funds and property funds as available inside tax-efficient wrappers, with the exception of those schemes which limit redemption.

Richard Saunders, Chief Executive of the IMA, commented:

“We are pleased that the issue surrounding the inclusion of non-UCITS retail schemes (NURs) within the list of eligible assets for tax-efficient wrappers is finally coming to a close. This is excellent news for investors.”

-Ends-

For further information, please contact:
Helen Stephenson, Communications Officer, IMA, 020 7831 0898

Out of hours contact:
Mona Patel, Head of Communications, IMA, 07834 089332

Notes to Editors:
1. The regulations will come into force on 27 December, providing the amendments remain unopposed in Parliament.