India Capital Growth Fund Limited Daily NAV Estimate and Deferred Tax Provision (0680H)
July 30 2021 - 4:40AM
UK Regulatory
TIDMIGC
RNS Number : 0680H
India Capital Growth Fund Limited
30 July 2021
30 July 2021
India Capital Growth Fund Limited (the "Company" or "ICGF")
Deferred tax provision for Indian Capital Gains Tax
The Company is subject to capital gains tax in India on the
growth in value of its investment portfolio. Although this
additional tax is only payable at the point at which the underlying
investments are sold and profits crystallised, the Company must
provision for this additional cost, albeit the actual capital gains
tax payable may differ significantly from this provision and may
not crystallise in the future.
For the year to 31 December 2020 no provision was necessary, but
following significant investment capital gains since that date and
a review from the India Tax Agent of the unrealised Indian capital
gains tax ("CGT") attributable to the investment portfolio of the
Company as at 30 June 2021, the Company must accrue a deferred tax
provision of GBP3.42m, equivalent to a reduction in the Net Asset
Value ("NAV") per share of 3.04p or 2.4% of the NAV at 30 June
2021.
From today the deferred tax provision on Indian capital gains of
the investment portfolio will also be reflected in the daily NAV
estimate which will be disclosed both before the tax provision and
after the tax provision to facilitate a meaningful comparison of
investment performance.
Estimated Daily Net Asset Value ("NAV") statement as at 29 July
2021
The Company announces its Net Asset Value before Indian CGT per
ordinary share as at 29 July 2021 was estimated to be 130.54
pence.
The Company announces its Net Asset Value after Indian CGT per
ordinary share as at 29 July 2021 was estimated to be 126.96
pence.
This estimated daily NAV is provided by the Investment Manager
of the Company and is, by its nature, based on incomplete and
estimated data. The making of such an estimate involves known and
unknown risks, uncertainties and other factors which may cause the
estimated results, performance, or achievements to be different
from any actual results, performance, or achievements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NAVVBLBXFDLXBBV
(END) Dow Jones Newswires
July 30, 2021 04:40 ET (08:40 GMT)
India Capital Growth (LSE:IGC)
Historical Stock Chart
From Apr 2024 to May 2024
India Capital Growth (LSE:IGC)
Historical Stock Chart
From May 2023 to May 2024