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Minister blesses cash PIEs

Revenue minister Peter Dunne has dispelled fears that the government could ban cash and income funds from the new PIE tax regime.

Tuesday, May 27th 2008, 5:39AM
Dunne, speaking at the Society of Independent Financial Advisers conference in Wellington yesterday, confirmed that when the PIE regime was established it wasn't intended to cover cash funds and other income funds.

This "wasn't envisaged," he said.

He said when he and finance minister Michael Cullen found out that managers were looking to develop cash PIEs there was a "long discussion" with officials about the move.

Dunne says cash PIEs "seemed to be quite a logical consequence," of the new regime.

Because cash PIEs promote savings and investments, the rationale behind the regime, then they will be allowed to continue.

"I don't see that view changing," he told delegates.

That will come as relief to some managers. A number have told Good Returns the reason they hadn't launched income PIEs is because there was uncertainty around the government's position.

Dunne also said that some other types of vehicles, that weren't intended to use PIE had also tried to take advantage of the new tax rules.

While he would not mention any names he said they had been denied PIE-status.

When pushed for names and types of funds, he said: "I'm not going to tell you."

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