Justin Modray Quotations

The danger of buying at the last minute is that there may only be the dross left. A 40 per cent tax break is not much good if the return is going to be poor.

A poor manager may have been replaced or a skilful manager may have simply had a poor short-term run. But investors need to satisfy themselves that any dog funds they own are worth holding onto.

As a result, you need to keep a close eye on these investments to make sure, for example, the discounts do not pose a threat to performance and the trust is not overly geared. For reasons such as these, advisers tend to shy away in case their recommendations backfire.

It should be a fairly minor holding in their overall portfolio. It's a smallish market in the greater scheme of things.

The fact you don't pay tax on the interest is important, but there is still a great deal of choice. What kind of Isa you go for will depend how lazy you are about saving, whether you want to leave you money in long term or whether you want instant access to it.

If you can tie up your money for five years or more, then shares are likely to offer better returns over the long-run.

But if you move the money into offshore funds, this income will roll-up tax-free inside the fund.