As previously stated, the Trust Based Structure is tax transparent. The SPV, as nominee and non-trading will have no tax liability and each investor in a syndicate is taxed on his/her own share of the income and gain based upon their own tax status.

Pension schemes and other non-tax paying entities should benefit from both income and capital gains on a tax free basis.

For private investors the structure is also reasonably effective in that any share taken in a syndicate can be done so on a joint basis by a husband and wife who can then utilise both Capital Gains Exemption Allowances if available to them to reduce their liability to CGT. Overseas or off-shore investors should take independent advice on the structure of their investment which may create an advantageous tax position.

All investors should seek and rely upon independent taxation advice prior to making any investment in any syndicate established by Kildrummy.