ASX Participants are advised on Monday 28 May Unibail-Rodamco released an announcement advising that a French Financial Transaction Tax (“Transfer Tax”) is payable on each purchase of CDIs of Unibail-Rodamco-Westfield (URW).

ASX Participants should note that a French Financial Transaction Tax ("Transfer Tax") is payable on each purchase of CDIs that results in a transfer of ownership. The Transfer Tax is 0.3% of the proportion of the purchase price of the CDIs that is represented by the beneficial interest in Unibail-Rodamco shares. The Transfer Tax is payable in euros.

ASX Participants who execute purchases of CDIs will have responsibility for calculating and paying the Transfer Tax. ASX Participants should therefore ensure that appropriate systems are in place for collection and payment of the Transfer Tax, prior to executing purchases of CDIs.

The formula for calculating the Transfer Tax levied on acquisitions of CDIs where the consideration is paid in A$ is:
Transfer Tax (in euros) = 0.3% x Acquisition Price x Unibail-Rodamco Proportion x Applicable FX Rate.

The Transfer Tax does not apply to the initial acquisition on 8 June 2018 by Westfield security holders of CDIs pursuant to the Westfield Transaction.

In the case of on-market acquisitions the Transfer Tax will be applicable upon settlement of the trade. Where a person both purchases and sells CDIs during the same day, leading to both the purchases and sales settling on the same day, the Transfer Tax is levied only on the net purchase position (or net long position) of that person. The Transfer Tax is levied only on purchases of CDIs, and not on the sale of CDIs for settlement.

The entity or person liable for the Transfer Tax must declare and pay it before the 25th of the month following the acquisition of the CDIs (eg. on-market acquisitions of CDIs which settle during July 2018 must be paid before the 25th of August 2018).

Investors should be in contact with their Broker regarding the collection of the Transfer Tax.

Please refer to the following market announcement for more information:

https://www.asx.com.au/asxpdf/20180528/pdf/43vbzbwjb4b55k.pdf

What do I need to do by when?

Please refer to the Unibail-Rodamco market announcement, released on Monday 28 May 2018.

ASX Participants who execute purchases of CDIs of Unibail-Rodamco-Westfield (URW) will have responsibility for calculating and paying the French Financial Transaction Tax (“Transfer Tax”). ASX Participants should ensure that appropriate systems are in place for collection and payment of the Transfer Tax, prior to executing purchases of CDIs. 

Need more information?

Issued by

Eloise Wett, Executive General Manager Operations

Contact information

Post Trade Operations

1800 814 051
ChessHelp@asx.com.au

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