BCP Stockbrokers and Fund Managers has launched Ireland's first property based tracker bonds, offering a choice of a 3.5 year or a 5.5 year investment term with returns linked to the British property market. Capital is fully guaranteed by Woodchester Credit Lyonnaise Bank. The 35 year old guarantees 75 per cent of the growth achieved. while the 5.5 year bond guarantees 100 per cent of the growth achieved, with capital and returns to be paid in Irish pounds. Tax will apply at 26 per cent compared with 48 per cent on rental income and 40 per cent on capital gains tax normally associated with property ownership.