Source - LSE Regulatory
ABERFORTH SMALLER COMPANIES TRUST plc The Board is delighted to announce that Aberforth Smaller Companies Trust (ASCoT) has received a full refund of all VAT on management fees charged by Aberforth Partners LLP (Aberforth) since 1 January 2001. ASCoT has received a total of ᅡᆪ4,688,881 in this respect. This comprises both that recovered by Aberforth from HMRC and a repayment directly from Aberforth of VAT previously offset by them. In addition, ASCoT has received ᅡᆪ526,486 from Aberforth in respect of associated interest received by it from HM Revenue & Customs. These sums have already been recognised in the published Net Asset Value (NAVs). ASCoT also expects to receive a further ᅡᆪ707,916 from Aberforth in relation to VAT incurred on management fees in periods up to 30 September 1996, plus associated interest of ᅡᆪ458,144. These sums will be recognised in the NAVs due to be published on Friday 20th June 2008. Chairman David Shaw said: "This is excellent news for shareholders. The Managers have followed developments in VAT law diligently and were well placed to progress matters when favourable decisions were reached in the relevant cases. Given the sums involved and the fact that these claims go back as far as 1 January 1991, I am particularly pleased that matters have been settled so timeously." CONTACT: Alan Waite, Aberforth Partners LLP, 0131 220 0733 Aberforth Partners LLP, Secretaries - 17th June 2008 ANNOUNCEMENT ENDS
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