Hi At the end of each accounting year, any BLAGAB holdings in certain collectives, eg unit trusts, OIECs, offshore funds will be valued at their current market value and 1/7th of the total net chargeable gains will be allowed for in current period's accounts, with the remaining being spread over 6 years. However if the BLAGBAB invests 60% or more in bonds then this rule is overruled. Thanks Em