Partial Refund of VAT

RNS Number : 7209M

TR Property Investment Trust PLC

03 February 2009

 



TR Property Investment Trust plc

TR Property Investment Trust plc partial refund of VAT

TR Property Investment Trust plc is pleased to announce that following the decision of the VAT case between JP Morgan Claverhouse Investment Trust v HMRC, it has received a reimbursement of £1.86 m for VAT incorrectly charged for the period from December 2000 to September 2004. This amount has been recovered through its former manager, Henderson Global Investors and is equal to the total amount of irrecoverable VAT suffered for this particular period. Outstanding claims are still being pursued by Henderson Global Investors for the period from 1 January 1990 to 4 December 1996 and by Thames River Capital for the period from 1 October 2004 to June 2007. 

£1.51m will be allocated to the Ordinary share class and £0.35m to the Sigma share class.

For the Ordinary share class this represents 0.59p per share; 0.37p on the capital account and 0.22p on the revenue account. For the Sigma share class this represents 0.28p per share; 0.18p on the capital account and 0.10p on the revenue account.  These amounts will be recognised in the daily NAV's with effect from 3rd February 2009.

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 for 2000 to 2004 detailed above, this estimate has not materially changed.

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