18 December
2024
SCHRODER EUROPEAN REAL
ESTATE INVESTMENT TRUST PLC
("SEREIT" or the
"Company" and, together with its subsidiaries, the
"Group")
French tax disclosure
update
Schroder European Real
Estate Investment Trust plc, the company investing in European
growth cities and regions, provides a tax disclosure
update.
As previously
announced, the French tax authority is proceeding with a tax audit
in relation to the Group's French tax structure.
In the Group's 2024
Annual Report it was disclosed that the range of potential outcomes
indicates a possible exposure of between €nil and €12.6 million,
excluding potential penalties.
As part of the ongoing
tax audit, a formal 'Proposal for Adjustment' has been received
from the French tax authority which includes a proposed penalty on
any tax found ultimately due. Including the application of interest
and penalties, the potential exposure for the Group is expected to
be up to €14.2 million.
Based on external tax
and legal advice received at the time of implementation, and which
has continued to be reviewed on an ongoing basis, the Board
continues to believe that an outflow is not probable and therefore
no provision is recognised.
The Group disagrees
with the 'Proposal for Adjustment' and will continue to contest its
position and will provide further updates as required.
-Ends-
Enquiries:
Jeff
O'Dwyer
Schroder Real Estate
Investment Management Limited
Tel: 020 7658
6000
Natalia de
Sousa
Schroder Investment
Management Limited
Tel: 020 7658 6000
Dido Laurimore/Richard
Gotla/Ollie Parsons
FTI Consulting
Tel: 020 3727 1000