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Generally accumulation units offer a slightly more efficient way to reinvest income, although many investors will choose to hold income units and reinvest the income to buy extra units.Newsroom articles are published by leading news agencies.Please remember past performance is not a guide to future returns. The below table gives an indication of how this may affect you.John is a portfolio manager/analyst with Lazard Asset Management Pacific in Sydney, Australia and has been working in the investment field since 1997. This can be withdrawn, reinvested or simply held on your account. Previously, Warryn worked at PriceWaterhouseCoopers Corporate Finance. Prior to joining Lazard in August 2005, John worked at Tyndall Australia and in the Asset and Infrastructure Group at Macquarie Bank, where he undertook transactions and developed valuation models for airports, electricity generators, rail projects and health infrastructure. LAZARD GLOBAL LISTED INFRASTRUCTURE EQUITY FUND A Fonds (WKN A11077 / ISIN IE00B51PLJ46) – Aktuelle Kursdaten, Nachrichten, Charts und Performance. Information correct as at 30 June 2020.We believe all loyalty bonuses are tax-free and we are challenging HMRC's interpretation. With accumulation units any income is retained within the fund; the number of units remains the same but the price of each unit increases by the amount of income generated within the fund. Please remember loyalty bonuses received on funds held in the Vantage ISA or Vantage SIPP are exempt from tax.This data is provided by Funds Library. Most recently John spent four years at Nanyang Ventures, an early expansion venture capital fund. However, while we make this challenge we are paying loyalty bonuses within the Vantage Fund & Share Account net of an amount equivalent to the basic rate tax. Lazard Global Listed Infrastructure Fund Global equity markets rose during the quarter. Lazard Global Listed Infrastructure Inst GLIFX Morningstar Analyst Rating Analyst rating as of Jul 1, 2020. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.Hargreaves Lansdown is not responsible for an article's content and its accuracy. We may not share the views of the author.Tax rules can change and benefits depend on individual circumstances. Therefore, if you are an overseas investor, or you represent a company or charity please let us know if you would like your loyalty bonuses paid without the deduction of an amount equivalent to the basic rate tax.The investment objective of the Fund is to aim to achieve over the long term total returns comprising income and capital appreciation.Warryn is a Portfolio Manager/Analyst with Lazard Asset Management Pacific in Sydney, Australia and has been working in the investment field since 1992.