Kuber is based on the same principle as traditional fund platforms: it gives you access to a range of Schemes in one place using one application form. The main difference between Kuber and traditional fund platforms is that we don’t offer traditional funds; we offer access to EIS and SEIS Schemes and to opportunities that qualify for Business Property Relief.
Most Schemes are not like traditional funds. They are actually individual discretionary managed accounts investing in new shares issued by trading companies that aim to meet EIS, SEIS or BPR qualifying rules. Some Schemes are structured as Alternative Investment Funds which also invest in new shares issued by trading companies that aim to meet EIS, SEIS or BPR qualifying rules.
Initially, your contributions will be deposited in a client account operated by the Administrator on behalf of the Managers you selected from the Scheme options available on the application form.
The Administrator will initially hold your contributions in the client account, pending investment by the Managers that you have selected. As each Manager identifies a suitable company, it will instruct the Administrator to subscribe for shares in that company on your behalf or will request the necessary funds from the Administrator in order to allow the Manager to invest on your behalf using its own custody arrangements. This process continues until your allocation to the Scheme in question has been fully invested.
Under the terms of the Investment Management Agreement with the Managers, the Managers have discretion to select suitable companies for you.
You may instruct the Administrator to return cash held on your behalf at any time providing the funds have not been committed to an investment.
You can also change the allocation of cash between the different Schemes should you wish to.
As each investment is sold, the Administrator will write to you offering the opportunity to reinvest the proceeds. Should no response be received within a specified time period, the cash proceeds will be returned to you.
Each investment must be held for at least three years to retain EIS Income Tax relief. This period runs from the date on which the Manager in question makes the investment, as opposed to the date you send funds to KuberView.
Whenever proceeds from a realised investment are used to subscribe for new EIS Shares, you will be able to claim additional tax benefits.
When you complete the application, you will select a number of Schemes managed by different Managers.