IHP Integrafin Holdings Plc

By Michael Susin

IntegraFin Holdings PLC said Tuesday that it will contest the decision to uphold the termination of its subsidiary's U.K. VAT group membership with effect from July 4, 2016.

The U.K. financial-platform provider said Her Majesty's Revenue and Customs on Monday completed its reconsideration and upheld its original decision.

IntegraFin said it contests the findings and will require a review by an HMRC officer who has not been previously involved.

The company said the U.K. VAT group exclusion would make its subsidiary--Integrated Application Development Pty Ltd--subject to backdated VAT.

The decision means the potential VAT due for the period between July 4, 2016 to Sep. 30, 2021 would be 7.9 million pounds ($9.7 million) and GBP1.9 million for the current financial year ending Sep. 30, 2022, the company said. There would then be a potential ongoing annual VAT charge, the company added.

Shares at 0756 GMT were down 1.4 pence, or 0.6%, at 243.6 pence.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

June 21, 2022 04:12 ET (08:12 GMT)

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