24th Apr 2019 16:39
LONDON (Alliance News) - Waste management business Augean PLC said it has been issued a total landfill tax assessment for both its subsidiaries at GBP34.7 million, in line with management expectations.
Excluding interest, HM Revenue & Customs issued a final assessment for Augean South Ltd of GBP24.4 million, covering the period from August 31, 2013, to May 31, 2018.
In addition, an amended and partly reduced final assessment for Augean North Ltd of GBP10.3 million was issued by the UK tax department, covering the period from October 31, 2013, to July 31, 2017.
Augean said it continues to believe, based on legal advice, that it has paid the correct amount of landfill tax and that HMRC's assessments are incorrect and unjustified. Augean said it has appealed both assessments with the tax tribunal expected in the first half of 2020.
HMRC has agreed to defer the payment of total tax assessed under Augean north until the tax tribunal is concluded, and a deferment of the Augean South Payment has been applied for.
The company also said Non-Executive Director Andrew Bryce will retire from his role with effect on Tuesday next week, after two years in the role since 2017.
Shares in Augean closed up 2.1% at 99.00 pence on Wednesday.
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AUG.L