Aberdeen Investment Funds ICVC - Aberdeen Asset Management

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Taxation GENERAL The information given under this heading does not constitute legal tax advice and prospective investors should consult their own professional advisers as to the implications of subscribing for, purchasing, holding, switching or disposing of Shares under the laws of the jurisdiction in which they may be subject to tax. THE COMPANY As the Funds are sub-funds of an open-ended investment company to which The Open-Ended Investment Companies (Tax) Regulations 1997 apply, the Funds are exempt from UK tax on capital gains realised on the disposal of investments held within them. Dividends from UK companies are received by a Fund with a tax credit and no further tax is payable by the Fund on that income. Income received by a Fund from transactions in futures or options contracts is exempt from tax. The Funds will each be subject to corporation tax at 20% on other types of income but after deducting allowable expenses (which include the gross amount of any interest type distributions made). SHAREHOLDERS’ INCOME The type of distribution made by a Fund will depend on its investments. Other than the Aberdeen Asian Bond Fund A , Aberdeen Corporate Bond Fund, Aberdeen Cash Fund, Aberdeen Emerging Markets Bond Fund, Aberdeen High Yield Bond Fund and Aberdeen UK Gilts Fund , all the Funds will pay dividend distributions. UK resident Shareholders who receive dividend distributions will be treated as having received a dividend with a 10% income tax credit attached to it. This tax credit will satisfy the income tax liability of Shareholders subject to lower (10%) or basic (22%) rate tax. Shareholders liable to income tax at the Schedule F upper rate of 32.5% will be liable to pay further tax at 22.5% of the aggregate of the dividend plus the tax credit. Aberdeen Asian Bond Fund A , Aberdeen Corporate Bond Fund, Aberdeen Cash Fund, Aberdeen Emerging Markets Bond Fund, Aberdeen High Yield Bond Fund and Aberdeen UK Gilts Fund A are interest schemes for tax purposes and the following applies to them. The rate of corporation tax payable by the funds is 20%. Income allocations to shareholders will be interest allocations, with income tax deducted at the rate of 20% from the gross allocation. For individual shareholders, the gross interest allocation will be subject to UK income tax at the appropriate marginal rate of tax for the individual whether 10%, 22% or 40%. The income tax deducted at source can be used to reduce the tax liability. A shareholder liable to tax at the basic rate will have no further tax to pay whilst a shareholder taxable at the higher rate will be liable to further tax equal to 20% of the gross interest. UK residents who are non taxpayers or lower rate tax-payers may reclaim all or part of the income tax deducted at source. These sub-funds will not invest in the shares of Real Estate Investment Trusts (REIT) if this would affect their status as interest schemes, or distributions as interest distributions. Corporate Shareholders who receive distributions may have to split them (the division will be indicated on the tax voucher). Any part representing dividends received from a UK company will be treated as dividend income (that is franked investment income) and no further tax will be due on it. The remainder will be received as an annual payment after deduction of income tax at the lower rate and corporate Shareholders may be liable to corporation tax on the grossed up amount with the benefit of the 20% income tax credit attached. Distributions and proceeds on redemption from a UCITS fund may be reportable or subject to withholding tax in accordance with Council Directive 2003/48/EC, the EU Savings Directive (‘the Directive’). The Aberdeen Investment Funds ICVC is a UCITS fund for the purposes of the Directive. Under the terms of this directive, the Manager must provide details of interest payments made to UK residents and to residents in certain other prescribed countries. This information will be exchanged automatically with the tax authorities in those countries. Only savings income payments are reportable or subject to withholding tax. Distributions are savings income payments if a fund holds more than 15% of its assets in “eligible money debts” and proceeds on redemption are savings income payments if a fund holds more than 40% of its assets in eligible money debts. It should be noted that this is for information purposes only. Responsibility for compliance with the Directive remains that of the ‘paying agent’ as defined by the Directive. The calculation is based on the UK interpretation of the rules. 52 Aberdeen Investment Funds ICVC Prospectus November 2011
GAINS Shareholders who are resident in the UK for tax purposes may be liable to capital gains tax or, if a company, corporation tax in respect of gains arising from the sale, exchange or other disposal of Shares (but not on switches between Classes within a Fund). The amount representing the income equalisation in the Share’s price is a return of capital and is not taxable in the hands of Shareholders. This amount should be deducted from the cost of Shares in computing any capital gain realised on the disposal. GENERAL Non-UK resident Shareholders may be entitled to a refund from the HM Revenue and Customs of the tax credit (or a proportion of it) in respect of income distributions, depending on their personal circumstances and the terms of any double taxation agreement which exists between their country of residence and the UK. These statements are based on UK law and HM Revenue and Customs practice as known at the date of this document. Shareholders are recommended to consult their professional advisers if they are in any doubt about their tax position. A Not yet available Aberdeen Investment Funds ICVC Prospectus November 2011 53
Page 1 and 2:
Aberdeen Investment Funds ICVC Pros
Page 3 and 4: Summary FUNDS The following Funds a
Page 5 and 6: Definitions In this Prospectus, unl
Page 7 and 8: Details of the investment objective
Page 9 and 10: Investment Objectives, Policies and
Page 11 and 12: ABERDEEN ASIA PACIFIC FUND Investme
Page 13 and 14: ABERDEEN CASH FUND Investment objec
Page 15 and 16: ABERDEEN EMERGING MARKETS BOND FUND
Page 17 and 18: ABERDEEN ETHICAL WORLD FUND Investm
Page 19 and 20: ABERDEEN EUROPEAN FRONTIERS FUND In
Page 21 and 22: ABERDEEN HIGH YIELD BOND FUND Inves
Page 23 and 24: ABERDEEN JAPAN GROWTH FUND Investme
Page 25 and 26: ABERDEEN MANAGED DISTRIBUTION FUND
Page 27 and 28: ABERDEEN MULTI-ASSET FUND Investmen
Page 29 and 30: ABERDEEN RESPONSIBLE UK EQUITY FUND
Page 31 and 32: ABERDEEN UK EQUITY INCOME FUND Inve
Page 33 and 34: ABERDEEN UK MID-CAP FUND Investment
Page 35 and 36: ABERDEEN WORLD EQUITY FUND Investme
Page 37 and 38: Further Funds Subject to the OEIC R
Page 39 and 40: THE DEPOSITARY The Depositary is Na
Page 41 and 42: 7 All agreements are to be included
Page 43 and 44: STAMP DUTY RESERVE TAX The Finance
Page 45 and 46: 9029 Chelmsford CM99 2WJ, by teleph
Page 47 and 48: An exchange of shares in one Fund f
Page 49 and 50: that class’ proportion of the cos
Page 51 and 52: A shares AMC I shares AMC Aberdeen
Page 53: The following expenses (being the a
Page 57 and 58: 4.1.5 a warrant; or 4.1.6 a certifi
Page 59 and 60: 9.2 Not more than 10% in value of t
Page 61 and 62: 14. SPREAD: GENERAL 14.1 Save as ma
Page 63 and 64: 17.4.2 is recognised under the prov
Page 65 and 66: 21.1.3 The generation of additional
Page 67 and 68: 24.4.2 material information on matt
Page 69 and 70: 32. RELEVANT INDICES 32.1.1 The ind
Page 71 and 72: 39.1.1 redemption of units; or 39.1
Page 73 and 74: 45.3.4 an indemnity given to a pers
Page 75 and 76: General REPORT AND ACCOUNTS The ann
Page 77 and 78: Provision of Administration service
Page 79 and 80: Appendix I Eligible securities Mark
Page 81 and 82: Appendix III Share Classes in Issue
Page 84: 14 2009_1111 2505346
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