15th Sep 2016 16:45
LONDON (Alliance News) - Tricor PLC late Thursday said it will accept the application filed by Her Majesty's Revenue & Customs to recover costs incurred during the VAT claim that was filed by the London-listed business.
"The amount is still undetermined and the company is under no obligation to accept the amount once received," the company said. "The company will make any further announcements as appropriate once the full amount to be paid is determined."
Tricor said last week that HMRC had put in an application for GBP38,886 worth of legal costs to be recovered and that was on top of an application to the tribunal for "unquantified" costs to be recovered.
Although the sum is still not known, Tricor has already booked a GBP100,000 provision as a result.
Tricor attended a hearing back in June to appeal against an earlier decision made by the Tax and Chancery Chamber to reject a VAT claim made by the company worth GBP1.8 million, plus any interests and costs.
Tricor closed down 15% to 0.278 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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