Awilco Drilling Plc -- First-tier Tribunal Judgement In Wilhunter (UK) Ltd. Tax Case
July 21 2021 - 2:30PM
UK Regulatory
TIDMAWDR
WilHunter (UK) Limited, a wholly-owned subsidiary of Awilco
Drilling PLC has been unsuccessful in its appeal to the First-tier
Tribunal against an assessment to UK corporation tax of GBP6.8
million, in connection with the tax treatment of a fee arising in
2015 on the termination of a drilling contract for the WilHunter
rig.
WilHunter (UK) Limited believes that there are procedural and
substantive grounds for challenging the decision made by the
First-tier Tribunal, and will be making an application to the
Tribunal for the decision to be set aside and re-made. Subject to
the outcome of this application, WilHunter (UK) Limited will also
consider applying for permission to appeal to the Upper
Tribunal.
WilHunter (UK) Limited will be liable to pay the disputed tax to
HMRC pending any further decision in the appeal proceedings. As
previously communicated, Awilco Drilling PLC considers this as a
liability only of the subsidiary company.
Aberdeen, 21 July 2021
For further information please contact:
Eric Jacobs, Interim CEO
Phone: +44 1224 737900
Cathrine Haavind, IR Manager
Phone: +47 93 42 84 64
Email: ch@awilcodrilling.com
https://www.globenewswire.com/Tracker?data=gnOL3e5Q_CWnTbCSdT8LLBq9_anEIZe-56rhEyjw0xtk4vEBmlXSwmgU5SgjVs2DBzKegnz5h9Q-TRzjLfVNp7KVbd8IBRvG5yA6dN5zd18=
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
(END) Dow Jones Newswires
July 21, 2021 14:30 ET (18:30 GMT)
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