VAT on Management Fees

RNS Number : 4745U

Standard Life UK Small.Co's Tst PLC

15 May 2008

 



15 May 2008

STANDARD LIFE UK SMALLER COMPANIES TRUST PLC

The Board is delighted to announce that Standard Life UK Smaller Companies Trust ('SLS') has received a full refund of all VAT on management fees charged by Standard Life Investments since its appointment as investment manager on 1 September 2003. SLS has received a total of £331,891 (1.03p per share uplift to NAV). This refund has been incorporated into the SLS NAV going forward.

Chairman Donald MacDonald said:

'I am delighted that the managers have followed up this matter so diligently with HMRC and have refunded all VAT previously charged on management fees. Hopefully other sums due from previous managers will also be refunded in the short term now that this matter has been clarified and accepted by HMRC. The Board welcomes the impact of no VAT being charged on management fees going forward resulting in a lower total expense ratio for the Company and creating a level playing field with open ended investment companies.'

 

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