Aberdeen Asian Income Fund Limited Proposals to Migrate to UK Tax Residence (5205I)
August 13 2021 - 01:00AM
UK Regulatory
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
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