IntegraFin Holdings plc Statement re HMRC VAT Notice (6042P)
June 21 2022 - 2:00AM
UK Regulatory
TIDMIHP
RNS Number : 6042P
IntegraFin Holdings plc
21 June 2022
IntegraFin Holdings plc
HMRC VAT Notice
For Immediate Release 21 June 2022
IntegraFin Holdings plc
HMRC VAT Notice
IntegraFin Holdings plc ("IHP") issued a RNS on 28 January 2020
concerning HMRC's decision that Integrated Application Development
Pty Ltd ("IAD")'s membership of a UK VAT group is terminated with
effect from 4 July 2016. The consequence of the exclusion of IAD
from the UK VAT group is that the services provided by IAD would be
subject to reverse-charge VAT. Integrated Financial Arrangements
Ltd (the "Company"), a subsidiary of IHP, requested a review of
HMRC's decision. Yesterday the Company received notice from HMRC
that it had completed its reconsideration and would uphold its
original decision, which is subject to a further review.
In the event of an adverse decision, for the period 4 July 2016
to 30 September 2021 the potential VAT due would be GBP7.9m. The
potential VAT due for the financial year ending 30 September 2022
would be GBP1.9m. There would then be a potential ongoing annual
VAT charge.
IHP had previously disclosed in note 36 to its financial
statements for the year ended 30 September 2021 a contingent
liability for the potential payments to HMRC. The Company has
taken, and continues to take, senior counsel's advice throughout
this process.
The Company contests the findings of HMRC and now intends to
require a review by an HMRC officer not previously involved with
the matter.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 ("EUWA")) ("UK MAR")
LEI Number: 213800CYIZKXK9PQYE87
Enquiries
Alexander Scott +44 (0)20 7608 5449
Luke Carrivick +44 (0)20 7608 5463
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END
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