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Dividends paid by “equity income” investment trusts have provided a bright spot in an otherwise disappointing year. While almost half of FTSE 100 firms have reduced or suspended their dividends since the start of the pandemic, the full force of these cuts has not been felt by trusts that hold their shares. Only three of the 24 UK equity income trusts have cut their divis this year: British & American, Temple Bar and Investment Company. By comparison, 50 of their 82 “open-ended” equivalents reduced their dividends by more than a quarter over the six months to the end of July, accordin...

A NEW law which moves HMRC ahead in the queue when a company becomes insolvent could cause more businesses to fail, it is claimed. Under the new rules, which came into effect this month, HMRC will be repaid ahead of unsecured creditors, including pension schemes, trade creditors and suppliers in corporate insolvency procedures. Garry Lee, chair of the insolvency industry body R3 for Dorset and the south, said: “Given that an insolvent company is very unlikely to be able to repay all its debts, the lower a creditor is down the order of payment priority, the less of their money – if a...

Staff may in future go to the office to collaborate but stay home to get work done, a report by Southampton law firm Paris Smith suggests THE laws governing the workplace need a major rethink after months of home working. That is the case made in a report by a Southampton law firm, which takes into account such issues as mental health, “Zoom fatigue”, the “right to disconnect” and flexible working. Paris Smith has released a white paper, The Workforce of the Future, which explores the challenges faced by employers in the “new normal”. Clive Dobbin, partner at Paris Smith, ...

Schroders trust scorched as Woodford-backed nicotine inhaler goes up in smoke Kind Consumer had been one of the Schroder UK Public Private investment trust’s top-20 holdings The Schroder UK Public Private trust has been burned by another of Neil Woodford’s unquoted holdings, Kind Consumer, which collapsed into administration last week.  Sky News reported last week that the nicotine inhaler maker, which manufactured products under the Voke brand, had appointed administrators from Smith & Williamson after failing to secure fresh funding to keep the business afloat.  The collaps...

Several high-profile City investors are set to get their fingers burnt after the maker of a nicotine-inhaling device agreed a pre-pack sale having fallen int