Vital receives favourable binding ruling from Inland Revenue

Vital receives favourable binding ruling from Inland Revenue

Vital Healthcare Management Limited (‘the Manager’), the manager of Vital Healthcare Property Trust (‘the Trust’) today announced the Trust had obtained an Inland Revenue (‘IR’) binding ruling.

The Trust has received a binding ruling from the IR that the Trust is a “Public Unit Trust” for the purposes of the Income Tax Act 2007 (‘Act’). The effect of this ruling is that any unit holder (and their associated persons) may have an interest of up to 25% in the Trust without the Trust losing its Portfolio Investment Entity or “PIE” status in terms of the Act. In the absence of the ruling, it was previously understood that no unit holder could hold more than 20% of the units in the Trust if the Trust were to maintain its PIE status. The ruling takes effect as of today.

David Carr, Chief Executive of the Manager said “We are pleased with the IR ruling as it provides additional flexibility to the Trust in determining the form and terms of potential future capital raising initiatives, within the framework of maintenance of the Trust’s beneficial PIE status.”

– ENDS -

© Scoop Media