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In for a Penny: A Business Adventure by Peter Hargreaves

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Chapter 4: Where are the Customers’ Yachts?

Unit Trusts Or Investment Bonds?

As we became more successful and achieved a higher profile, many people questioned what we were doing and why we were doing it. One of those was George Budd, who had found us our ideal employee (the one who even more fortunately turned us down). George was a great character and one of the old school in the investment business. “Why are you guys selling unit trusts?” he demanded to know one day when he came into the office. “Don't you know that you can get 6% commission from investment bonds? And it is 7% for volume sales! What is more, if the clients are basic rate taxpayers, they need never pay any more tax and can take 5% per annum tax-free out of the bond forever. ...

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