7th Mar 2016 09:56
LONDON (Alliance News) - Altona Energy PLC Monday said UK tax authorities have confirmed the company has no outstanding liabilities for underpayment of tax, allowing Altona to reverse a previously made provision.
Altona made a provision of GBP790,000 in its financial year ended in June 2014 against the potential liability owed to HRMC for underpaid tax, and retained that provision the following financial year.
Altona will release that provision in its current financial year due to end in June 2016 following the confirmation from HRMC that it does not owe any tax.
Altona shares were up 6.3% to 0.850 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
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