Cobham plc Settlement of Tax Dispute (0294Z)
May 15 2019 - 2:00AM
UK Regulatory
TIDMCOB
RNS Number : 0294Z
Cobham plc
15 May 2019
15 May 2019
Legal Entity Identifier: 213800A41R9NL49E5632
Settlement of Tax Dispute
Cobham plc ('Cobham' or 'the Group') announces that it has
reached an agreement with the UK tax authorities in respect of a
significant, previously disclosed and long running dispute. This is
in connection with the availability of interest deductions on one
of the Group's internal financing structures, which was in place
between 2008 and 2014. In the first half of 2019 Cobham will make a
one-off net tax payment of GBP55m, together with a one-off interest
payment of GBP14m, to finally settle the Group's exposure to this
matter. This settlement is within the amounts previously provided
by Cobham for tax.
Unrelated to this, and as disclosed in note 6 (Tax) of its 2018
Preliminary Results announcement, the Group continues to monitor
developments relating to EC State Aid investigations. In April
2019, the EC's final decision on the UK Government's Controlled
Foreign Company regime was that it partially represents State Aid.
The UK Government has not yet announced how it would identify and
seek to recover State Aid; Cobham estimates it could have
additional tax payable of between GBPnil and approximately
GBP60m.
- ends -
Enquiries:
Cobham plc
Julian Wais, Director of Investor
Relations +44 (0)1202 857 998
MHP Communications
Reg Hoare/Tim Rowntree +44 (0)20 3128 8100
Notes:
1. Cobham is a leading global technology and services innovator,
respected for providing solutions to the most challenging problems,
from deep space to the depths of the ocean. We employ around 10,000
people primarily in the USA; UK and Europe and Australia. We have
customers and partners in over 100 countries, with market leading
positions in: wireless, audio, video and data communications,
including satellite communications; defence electronics; air-to-air
refuelling; aviation services; life support and mission
equipment.
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END
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