CapitaLand Ascott Trust (CLAS), a prominent stapled group comprising CapitaLand Ascott Real Estate Investment Trust (REIT) and CapitaLand Ascott Business Trust (BT), has declared a semi-annual distribution for the second half of 2024. This announcement provides clarity on record dates, tax implications, and payment schedules, offering shareholders vital information about their entitlements.

Key Distribution Details

• Record Date: The transfer books and register of Stapled Securityholders will close on 6 February 2025 at 5:00 PM to determine entitlements.
• Payment Date: The distribution will be paid out on 28 February 2025.
• Distribution Amount: Shareholders will receive a total distribution of 3.550 Singapore cents per stapled security, comprising:
  • Taxable income component: 0.347 Singapore cents
  • Tax-exempt income component: 0.721 Singapore cents
  • Capital component: 1.819 Singapore cents
  • Additional tax-exempt income from CapitaLand Ascott BT: 0.663 Singapore cents

Tax Implications

Shareholders should take note of the following tax details:

• Individuals: Individuals holding Stapled Securities either solely or jointly are exempt from tax on the taxable income component if the securities are not derived through a Singapore-based partnership or trade. No forms are required for this exemption.
• Qualifying Stapled Securityholders: Entities such as Singapore-incorporated and tax-resident companies must complete and return the Declaration for Singapore Tax Purposes Form (Form A) to receive a gross distribution. Failure to submit the form will result in a 17% tax deduction.
• CPF/SRS Accounts: Securities acquired through Central Provident Fund or Supplementary Retirement Scheme accounts will receive tax-exempt gross distributions automatically.
• Foreign and Non-Resident Funds: Foreign non-individual shareholders and qualifying non-resident funds meeting specific conditions will be subject to a 10% tax rate. Form A must be submitted to claim this reduced tax rate; otherwise, a 17% tax will be deducted.
• Nominee Securityholders: Nominees must submit the Declaration by Depository Agents for Singapore Tax Purposes Form (Form B) to ensure the correct tax rate is applied for their beneficiaries. Failure to do so will result in a 17% tax deduction.
• Others: Joint securityholders (excluding individuals) and those who do not meet the above categories will receive distributions net of 17% tax, with no forms required.

Important Deadlines

• Forms A or B will be dispatched to eligible Stapled Securityholders on or around 10 February 2025.
• The completed forms must be submitted to Boardroom Corporate & Advisory Services Pte. Ltd. by 17 February 2025 at 5:00 PM to qualify for gross or reduced tax distributions.

Distribution Policy and Director’s Statement

CLAS maintains a distribution policy of paying out at least 90% of its taxable income, excluding trading gains from the sale of real estate properties. Distributions are made semi-annually, with calculations as of 30 June and 31 December each year.

The Board of Directors of CapitaLand Ascott Business Trust Management Pte. Ltd. has confidently stated that the trust will be able to fulfill its liabilities post-distribution.

Impact on Shareholders

This announcement, which outlines detailed distribution and tax guidelines, is critical for shareholders to maximize their returns. Potential tax obligations and form submission deadlines are particularly significant, as they may affect the net amount received. Shareholders are advised to act promptly to avoid unnecessary tax deductions.