Mr. Paul Dillon:

Effectively, these are like unit funds in which individuals invest. They are subject to various complicated tax rates, depending on the fund involved. They might be marketed through banks and other financial institutions in which normal investors invest a lump sum such as from a redundancy or an inheritance. If one incorrectly reports the type of fund involved, a significant penalty applies for not ticking the correct box on Form 11 or the tax return. It is a technical point. The legislation determining the type of fund in which one invests is very complex, but we are not speaking about investments by large corporate entities. Normal or regular individuals may invest lump sums in these products.