TIDMAAIF

RNS Number : 5205I

Aberdeen Asian Income Fund Limited

13 August 2021

ABERDEEN ASIAN INCOME FUND LIMITED (THE "COMPANY")

   Legal Entity Identifier (LEI):   549300U76MLZF5F8MN87 

12 August 2021

Proposals to migrate to UK tax residence and apply for UK investment trust status

The Company's investment objective is to provide investors with a total return primarily through investing in Asia Pacific securities, including those with an above average yield. The Company currently earns investment income from a diversified portfolio of investments with exposure to the Asia Pacific region, much of which is subject to overseas withholding taxes. The Board has been exploring, with its advisers, the ability for the Company to mitigate the level of these withholding taxes.

In particular, the Board has been advised that a UK tax resident company is able to access lower rates of withholding tax in some jurisdictions than a Jersey tax resident company as there are a greater number of double tax treaty agreements between the UK and overseas jurisdictions. The Board has therefore concluded that, subject to appropriate tax, regulatory and shareholder approvals, it will benefit the Company and its shareholders as a whole if the Company becomes UK tax resident and elects to join the UK's investment trust regime in order to avail itself of these treaties and the related tax benefits.

For the avoidance of doubt, it is only the tax residency of the Company that the Board proposes to move to the UK at this time. The Company will remain a Jersey incorporated entity, subject to Jersey law and regulation and the oversight of the Jersey Financial Services Commission. In order to effect the proposals, the Company will be required to adopt new articles of association in order to remove the current restrictions on the Company carrying out its business in the UK.

Further details of the proposals, including the proposed amendments to the articles of association, will be set out in a circular to shareholders of the Company to be published in due course.

For further information please contact:

 
 Maria Allen 
  Aberdeen Standard Fund Managers 
  Limited 
 020 7463 6000 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCPTMRTMTABBJB

(END) Dow Jones Newswires

August 13, 2021 02:00 ET (06:00 GMT)

Abrdn Asian Income (LSE:AAIF)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Abrdn Asian Income Charts.
Abrdn Asian Income (LSE:AAIF)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Abrdn Asian Income Charts.