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Tower Resources recieves 'favourable ruling' in HMRC appeal against First-Tier Tax Tribunal decision
StockMarketWire.com
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Tower Resources, an oil and gas company with its focus on Africa, has received a 'favourable ruling' from the Upper-Tier Tax Tribunal ("UTTC") - upholding the First-Tier Tax Tribunal's decision in the Company's favour on 8th July 2019 (the "FTT Decision").
HMRC's appeal against the FTT Decision has been dismissed.
The FTT Decision, which was announced by the company on 9th July 2019, allowed the company's appeal against HMRC's 2016 decisions to deny it credit for input VAT.
The UTTC's decision dated 20th May 2021 affirms the FTT Decision, but remains subject to further appeal by HMRC to the Court of Appeal.
Any such appeal application should be made within one month.
The Company has fully provided for assessments previously issued by HMRC in the Company's accounts up to and including its most recent Interim Accounts for the period ended 30th June 2020, and will continue to do so until final resolution of the matter, the company said in a statement to shareholders.
Story provided by StockMarketWire.com
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