Further Refund of VAT

RNS Number : 1578O

TR Property Investment Trust PLC

02 March 2009

 



TR Property Investment Trust plc further refund of VAT

On 3rd February 2009 TR Property Investment Trust plc announced that it had received a reimbursement of £1.86 m from its former manager, Henderson Global Investors, for VAT incorrectly charged for the period from December 2000 to September 2004.  

Shareholders can now be advised that the claim for incorrectly charged VAT for the period from 1 October 2004 to 31 May 2007 has been agreed between the current Manager, Thames River Capital LLP, and HMRC. The Trust has been informed by Thames River that it expects to receive an amount of £4.10m which is equal to the total amount of irrecoverable VAT suffered by the Trust for that period.

£3.32m will be allocated to the Ordinary share class and £0.78m to the Sigma share class.

For the Ordinary share class this represents 1.29p per share; 0.97p on the capital account and 0.32p on the revenue account. For the Sigma share class this represents 0.62p per share; 0.47p on the capital account and 0.15p on the revenue account.  These amounts will be recognised in the daily NAV's with effect from 27th February 2009.

This brings the total amount of VAT recovered to date to £5.96m. This does not include any amounts of interest.

Outstanding claims are still being pursued by Henderson Global Investors for the period from 1 January 1990 to 4 December 1996 and a small amount by Thames River Capital for the period from June to September 2007. 

In the Report and Accounts for the year to 31 March 2008, a figure of £6m was disclosed as the estimate of the total potential VAT recovery. In the light of the recovery detailed above, we now believe that the final recovery may amount to between £6.5m and £7.0m, excluding interest.

For further information please contact:

Chris Turner

Fund Manager - Ordinary Share Class

Telephone: [phone]

Marcus Phayre-Mudge

Fund Manager - Sigma Share Class

Telephone: [phone]

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