VAT on Management Fees

RNS Number : 4751U

Standard Life Equity Income Tst PLC

15 May 2008

 



15 May 2008

STANDARD LIFE EQUITY INCOME TRUST PLC

The Board is delighted to announce that Standard Life Equity Income Trust ('SLEIT') has received a full refund of all VAT on management fees charged by Standard Life Investments since its appointment as investment manager in November 2005. SLEIT has received a total of £204,437 (0.54p per share uplift to NAV). This refund has been incorporated into the SLEIT NAV going forward.

Chairman Charles Wood said:

'I would like to thank Standard Life Investments for negotiating the early repayment of outstanding VAT with HMRC. Hopefully our previous manager will be able to follow this matter up as efficiently as Standard Life Investments and the remaining outstanding VAT on management fees will be repaid in the next few months. 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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