Tax transparent funds calculator assumptions

Tax drag in top five MSCI tax treaty countries

Tax drag in top five MSCI tax treaty countries

Country MSCI allocation Dividend yield Tax paid by an Irish non-TTF fund Tax paid by a Cayman corporate fund (bps) Tax Paid by a segregated account (bps) Tax paid by a CCF (bps)
US 65.53% 1.8% 35 35 0 0
Japan 7.96% 2.48% 3 3 0 0
UK 4.41% 4.15% 0 0 0 0
France 3.41% 1.79% 0 2 1 0
Switzerland 3.23% 2.88% 3 3 0 0
Total Tax Drag* 41 43 1 0
CCF tax saving 41bps 43bps 1bps** -

In a typical active global equity product a CCF can provide tax savings of around 20-41bps***

All tax rates assumed are for a tax exempt UK pension scheme. Tax savings calculations are also
subject to changes in yields and tax treaties.
* The country allocations shown in the table are based on Q2 2020 MCSI Data, your portfolio allocation could be different
** Assumes all tax exemptions are reclaimed
*** Individual manager tax savings will vary depending on country allocation –
the example above is based on the MSCI World Index allocation
Source: MSCI allocations and dividend yields based on Q2 2020 MSCI data; other calculations (including tax rates) based on Q2 AMX data

For general information purposes only. AMX does not provide tax advice. This information is provided on a non-reliance basis without any representation or warranty as to its accuracy or completeness.

Other markets, in addition to the above, also recognise the CCF as tax transparent and therefore provide withholding tax savings.

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