25th Nov 2019 14:08
(Alliance News) - Intelligent Ultrasound Group PLC on Monday said the UK tax department will not be seeking repayment of research & development tax credits paid to a unit and, as a result, the company will not be recording a contingent liability in relation to the tax credits.
The tax department informed the ultrasound software and simulation company that it will not be seeking repayment of R&D tax credits paid to subsidiary, Intelligent Ultrasound Ltd, for the periods ended June 14, 2013, through to September 30, 2016.
"In light of the information now received from HMRC, the company believes that there is no longer a liability, contingent or actual, in respect of this potential over-claim of R&D tax credits," Intelligent Ultrasound said.
Intelligent Ultrasound shares in London were down 3.2% at 9.20 pence each on Monday afternoon.
By Tapan Panchal; [email protected]
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