annual report 31 Mar 2007 - SEB Asset Management

properties. Interim income is computed every time the
unit value is determined and is published on each valua-
tion date. The interim income to be disclosed by the in-
vestor in Annexe KAP of the income tax return is calcu-
lated by multiplying the respective interim income per
unit by the number of units sold/redeemed. Interim in-
come may also be ascertained regularly from the account
and income statements issued by the banks.
Gains from real estate and shares
The regulations governing gains from real estate and
shares apply only to investors whose units are held as
business assets.
The Fund‘s real estate gains consist of foreign rental in-
come that has not yet accrued or been deemed to have
accrued, and realised and unrealised changes in value of
foreign real estate belonging to the Fund, in respect of
which Germany has waived taxation in accordance with
a double taxation agreement. The investment company
publishes the Fund‘s gains from real estate as a percent-
age of the value of the investment unit.
Fund gains from shares comprise dividend income that
has not yet accrued or been deemed to have accrued to
the investor, including from real estate corporations, and
realised and unrealised gains and losses from equity in-
terests held by the Fund, especially in real estate corpora-
tions. The investment company publishes the Fund gains
from shares each exchange trading day as a percentage of
the value of the investment unit.
64 SEB ImmoInvest
On the date of purchase and sale of the units, as well as
on the reporting date, the investor must multiply the pub-
lished percentages by the respective redemption price to
calculate the absolute investor gains from real estate and
shares. The difference between the two figures represents
the investor‘s gains from real estate and shares for the
proportionate holding period that are relevant for tax
purposes. Gains from the disposal of investment units
are fully tax-free for all business investors, provided they
result from the absolute investor gains from real estate for
the proportionate holding period.
Gains from the disposal of investment units are fully tax-
free for investors who hold their units as business assets
and are taxed in accordance with the Körperschafts-
steuergesetz (KStG – Corporation Tax Act), provided they
result from the absolute investor gains from shares for
the proportionate holding period. However, 5% of these
tax-free gains are deemed to be non-deductible business
expenses. Half of the gains from the disposal of invest-
ment units are tax-free for investors subject to income tax
holding their units as business assets provided they re-
sult from the investor gains from shares for the propor-
tionate holding period.
Notice
Further explanations on the tax treatment of Fund income
can be found in the Notice regarding important tax regula-
tions for unit holders in the Sales Prospectus.