13th May 2014 11:29
LONDON (Alliance News) - Tricor PLC Tuesday said it has lodged an appeal against a recent decision dismissing its original appeal to reclaim GBP1.8 million of input tax.
In a statement, Tricor, which invests in the resources sector and has investments in iron sand and sand trading operations in the Philippines, said its appeal has been lodged with the Upper Tribunal against the First-Tier Tribunal's decision to dismiss its original appeal against Her Majesty?s Revenue & Customs' decision to disallow the tax claims.
"Having taken robust legal advice on the matter the board of Tricor is of the opinion that an appeal is warranted and has a reasonable chance of being resolved in the company's favour," Tricor said in a statement.
On March 4, Tricor had said "initial observations" by legal advisers suggested there "may be grounds" to appeal the decision to the Upper Tribunal.
The Tax Chamber of the First-Tier Tribunal hears appeals against decisions relating to tax made by HM Revenue and Customs. Appeals can be made by individuals or organisations, single tax payers or large multi-national companies.
The onward appeal from the Tax Chamber of the First-Tier Tribunal is to the the Tax and Chancery Chamber of the Upper Tribunal.
Tricor shares were Tuesday quoted at 1.50 pence, down 25.0%.
By Samuel Agini; [email protected]; @samuelagini
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