LOOSE CHANGE

Specialist investment manager Neill Clerk Capital, based in London, is launching a distribution fund to buy mature and semi-mature forests which will be logged and sold to provide an annual income free of income and capital gains tax.

Expenses are relatively high, with an initial 6.5 per cent deducted to cover issue costs and commission. Legal costs are estimated at 1.5 per cent, the annual management charge is1.5 per cent and the forestry contractors will get pounds 11.50 per hectare a year, plus 10 per cent of the net proceeds of the timber. But the managers claim over 12 years the project should yield 8 per cent a year tax-free. The minimum investment is pounds 1,000.

"Crest Makes Share Dealing Easier" is the title of a free booklet on the new electronic share dealing system from Barclays Stockbrokers. Call 0800-551177, 8.30am to 6pm, Monday to Friday.

Skandia plans to enter the long-term care insurance market in co-operation with PPP Lifetime Care, offering investors a single-premium bond to finance future care costs.

Fleming Investment Trust Management is offering to exchange shares in any UK listed company into a Share Plan investment in any Fleming investment trust free of charge until September 30.

Broker John Charcol is offering fixed-rate mortgages up to 70 per cent of valuation at 5.99 per cent fixed until July 1999, with early redemption penalties of only three months' interest. Details on 0800-718191.