Financial Dictionary.

This is a browseable and searchable reference tool for terminology relating to UK-based personal finance and financial products.

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Split Capital Investment Trust

Definition: An Investment Trust that issues different classes of shares, and usually has a fixed lifetime. At the end of the lifetime, the assets of the trust are distributed to the different classes of investorts. Typical splits are into 'income shares', 'capital shares' and 'zero dividend preference shares'. Income shares are geared to pay out high dividends, Capital Shares benefit from growth in the trust's value, and the Zero Dividend shares have their growth rolled up and paid out at the end of the trusts life. In order to check what a Zero share is likely to return at the end of its life, you need to calculate its 'hurdle rate'.

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Financial Dictionary.