Readers’ forum: Trigger event?

My client has recently retired. During his working life he has built up a portfolio of investments in unit trusts open-ended investment companies (OEICs) and investment companies with variable capital (ICVCs). Most of these investments were not held within an ISA wrapper.

As part of his retirement planning and without reference to me he instigated the switching of several of these ICVC holdings from “accumulation” to “income” shares to supplement his income. Some of the investment companies have produced conversion contract notes and others have simply produced documents that show the conversion from accumulation units to income units within the same fund.

Someone an independent financial adviser I believe has told me that such “switches” do not trigger a capital gains tax event. However I have been unable to confirm whether this is the case. During my research I have found SI 2013/1400...