Augean Plc HMRC update (8807U)
October 27 2017 - 10:43AM
UK Regulatory
TIDMAUG
RNS Number : 8807U
Augean Plc
27 October 2017
27 October 2017
Augean plc ("Augean" and with its subsidiaries the "Group")
HMRC update
Augean, one of the UK's leading specialist waste management
businesses, has today been notified of an assessment by HMRC for
landfill tax of GBP0.7m with interest of GBP0.1m for the three
months ended 31 October 2013.
The receipt of this assessment was expected, as indicated in the
Group's announcement of 25 August 2017. It relates to Augean North
Limited, following on from the earlier assessment received by
Augean South Limited. No other Group subsidiaries are registered
for landfill tax.
Augean believes that, as with the first assessment, this second
assessment has been issued in order to protect HMRC against the
relevant period falling out of time (a four year look-back applies
for landfill tax) whilst discussions between HMRC and Augean
regarding its landfill tax position are ongoing. As a result of the
four year time limit, Augean expects further assessments to be
issued in order for HMRC to protect subsequent periods. Going
forward, whilst the Group will provide appropriate and periodic
updates, it does not intend to announce the receipt of each and
every assessment.
Having taken advice from leading counsel and its solicitors,
Augean continues to believe that both these assessments and any
future assessments are without merit and remains in discussions
with HMRC. The Group will robustly challenge these and any further
landfill tax assessments that it may receive from HMRC, through the
tax tribunal system if appropriate. Augean continues to work with
stakeholders in the sector about the broader adverse implications
for the continued and necessary proper treatment of hazardous
waste.
Further announcements will be made at the appropriate time.
- Ends -
Enquiries:
Augean plc
Jim Meredith, Executive
Chairman
Mark Fryer, Group Finance
Director 01937 844 980
N+1 Singer
Shaun Dobson
Alex Price 020 7496 3000
FTI Consulting
George Parker
Fiona Walker 020 3727 1535
This information is provided by RNS
The company news service from the London Stock Exchange
END
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