8th Oct 2010 07:31
Emblaze Ltd ("Emblaze" or "the Company") Emblaze UK Subsidiary Wins £8.8 million Tax Appeal
Ra'anana, Israel, 08 October 2010: Emblaze wishes to inform that its UK subsidiary, Emblaze Mobility Solutions Limited, has been successful in its 4 year legal challenge against the decision of HM Revenue & Customs ("HMRC") to withhold £8.8 million of VAT repayments claimed since March 2006.
Emblaze challenged HMRC's decision to withhold VAT repayments of £8.8 million of VAT due on 33 transactions undertaken in 2006 by Global Telecoms Distribution Plc t/a European Telecom, a former subsidiary of Emblaze Mobility Solutions Limited.
The Tribunal ordered HMRC to repay the £8.8 million it has withheld since March 2006 as well as Emblaze Mobility Solutions' legal costs. HMRC still have the right to appeal against the decision.
The Company estimates the net cash proceeds to be approximately $US 7 million (having deducted legal and other expenses and third parties' share).
Emblaze Mobility Solutions Limited was represented by London based specialist tax and litigation firm The Khan Partnership LLP.
Enquiries: Hagit Gal, Emblaze [email protected]
Jonathan Shillington/Alistair Scott, Grayling +44 20 7932 1850 [email protected]
The Emblaze Group is traded on the London Stock Exchange since 1996. www.Emblaze.com
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