In the case of beneficial owners who are foreign non-individuals, the tax refund applies to distributions paid or to be paid within the period from February 2005 to 31 March 2020. The distributions are subject to the time limit below.
Every claim of refund must be made to IRAS within 4 years from the end of the year of assessment to which the claim relates. For example, for claim of refund in respect of distribution made by Ascott Reit for the period from 1 January 2010 to 30 June 2010 and 1 July 2010 to 31 December 2010 (which relates to the year of assessment 2011), the claim must be submitted to the IRAS on or before 31 December 2015. Unitholders and the Depository Agents must ensure that the relevant Forms are submitted on a timely basis to allow the Trustee of Ascott Reit to make the refund claim within the prescribed time limit. The IRAS will not process any claim that is out of time.
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Ascott Residence Trust Management Limited will issue a letter together with the cheque for the refund amount to the Unitholders. This letter will serve as evidence that the tax refunds have been made.
The tax refund will be paid out to eligible investors upon receipt of the tax refund from IRAS by the Trustee of Ascott Reit.
Click here to download Form R1.