21st May 2012 08:31
Emblaze Ltd ("Emblaze" or "the Company") Emblaze UK Subsidiary Wins additional £1.5 million on Tax dispute
Herzeliya, Israel, 21 May 2012: Emblaze wishes to inform that its UK subsidiary, Emblaze Mobility Solutions Limited ("EMSL"), has been successful in recovering the remaining disputed sum of £1.5 million, which was part of the overall VAT repayments claimed withheld by HM Revenue & Customs ("HMRC") since March 2006.
As reported by the Company on 08 October 2010, EMSL succeeded in its legal challenge against the decision of HM Revenue & Customs ("HMRC") to withhold VAT repayments claimed. On July 13, 2011 the High Court of Justice in London ordered HMRC to make an immediate payment of the VAT reclaims that were not disputed by HMRC. As a result, the Company recorded approximately $US 4 million as other income, net of related expenses, in 2011.
The High Court of Justice has now ordered that EMSL be paid the balance of sums withheld by HMRC of approximately £1.5 million. The Company estimates the net cash proceeds to be approximately $US 1.5 million (having deducted legal and other related expenses and third parties' share).
Emblaze Mobility Solutions Limited was represented by London based specialist tax and litigation firm The Khan Partnership LLP.
Enquiries: Jonathan Shillington/ Amlika Lal +44 (0)20 7932 1871 Grayling [email protected]
The Emblaze Group is traded on the London Stock Exchange since 1996. www.Emblaze.com
XLONRelated Shares:
BSD.L