Augean Plc Claim for Repayment of Landfill Tax (1129N)
May 18 2020 - 2:00AM
UK Regulatory
TIDMAUG
RNS Number : 1129N
Augean Plc
18 May 2020
Augean plc
("Augean" or "the Group")
Claim for Repayment of Landfill Tax
Augean, one of the UK's leading specialist waste management
businesses, announces that it has today lodged a claim with HMRC
for repayment of GBP11.1m of Landfill Tax ("LFT") including
interest overpaid in relation to engineering materials used as part
of its landfills cell construction (colloquially referred to as the
'Fluff layer').
This protects the Augean position in the light of legal
challenges brought by other waste site operators that have
successfully argued before the Upper Tax Tribunal that they can
reclaim LFT accounted for on the 'Fluff layer'. HMRC has challenged
the Upper Tribunal decision and it is expected the matter will be
heard in the Court of Appeal at a yet to be determined date. The
outcome of that appeal will have a direct bearing on the claim
filed by Augean.
The claim is in part a reclaim of Landfill Tax overpaid and in
part a set off against the GBP40.4m Landfill Tax assessment paid
(and subject to challenge by Augean in the First Tier Tribunal) in
December 2019. The period of the 'Fluff layer' claim dates back to
August 2013. The claim will be accounted for as a contingent
asset.
Augean has decided to reclaim the relevant LFT at this point
given the success of other operators in the Upper Tax Tribunal. If
the Group succeeds in its endeavours to reclaim the LFT the final
quantum remains uncertain and the value quoted above excludes legal
fees and other costs associated with the claim.
Jim Meredith, Executive Chairman of Augean, said:
"The Group has watched with interest the waste industry's
progress in its legal claims against HMRC. It seemed appropriate
for the Group to follow the rest of the industry in making claims,
particularly having paid the assessments in full in December 2019,
and the Group hopes to see a repayment of tax following the Court
of Appeal decision."
- Ends -
Enquiries:
Augean plc
Jim Meredith, Executive Chairman
Mark Fryer, Group Finance Director 01937 844 980
N+1 Singer
Shaun Dobson
Peter Steel
Rachel Hayes 020 7496 3000
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END
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