annual report 31 Mar 2007 - SEB Asset Management
annual report 31 Mar 2007 - SEB Asset Management
annual report 31 Mar 2007 - SEB Asset Management
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The calculation also included US real estate companies<br />
with the legal form of partnerships and the companies<br />
in China and Italy, due to country-specific regulations.<br />
These are treated as a direct acquisition for tax purposes,<br />
with the result that any gain on the disposal of shares is<br />
subject to capital gains tax. Capital gains tax was calculat-<br />
ed in the same manner as the method described above.<br />
The market value of the property was merely replaced by<br />
the going concern value.<br />
The provisions for the properties sold in France, Spain<br />
and the USA and the real estate company sold in the USA<br />
were increased to 100.0% at the time of sale and <strong>report</strong>ed<br />
as liabilities from the sale of land under Miscellaneous li-<br />
abilities. The previously created provisions for the prop-<br />
erties and the real estate company that were sold were<br />
charged to Fund equity. The new provision was charged<br />
to the Statement of Income and Expenditure. No provision<br />
for capital gains tax liabilities was established for the<br />
property sold in the Netherlands because reinvestment<br />
contracts have already been concluded.<br />
Annual Report as of <strong>31</strong> <strong>Mar</strong>ch <strong>2007</strong> 35
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