TCL is a NZX listed investment trust of primarily UK equities

https://www.nzx.com/companies/TCL

Fund details here:

https://www.janushenderson.com/en-gb...ent-trust-plc/

I wondered if any of the more knowledgeable poster could comment on the following:

1. The NZX market pricing seems to imply a large premium to the underlying value of the units, as well as UK market pricing. E.g the NZX release on Friday said NAV ex debt was 381.5p which at current rates is c $7.35 NZD/unit. However TCL NZX closed on Friday at $7.90/share so around an 8% premium. TCL itself notes a current premium on the LSE of only c 3%. Can anyone shed any light on this? Are NZ investors particularly irrational?

2. TCL pays high and increasing dividends, does anyone understand any tax advantages/disadvantages of the LIC structure? Are earnings withheld at source in the UK? Are dividends subject to withholding tax in the UK or other effects? Or is it fairly clean pass through of dividends and they a simply income to be taxed at marginal rates in NZ per usual? (no imp credits)

Many thanks