|
IntegraFin Holdings PLC on Tuesday said the UK tax office has maintained its original decision to remove one of the investment platform's subsidiaries from a value added tax group.
Shares in the company were 8.9% lower at 231.40 pence each in London on Tuesday afternoon.
The company explained HM Revenue & Customs upheld a decision to terminate subsidiary Integrated Application Development Pty Ltd's membership of a UK VAT group. IntegraFin had requested a second review of HMRC's decision.
The verdict was the same, and IAD is now subject to reverse-charge value-added tax. However, the company now plans to field an appeal at a first-tier tribunal.
HMRC first imposed its decision in January 2020, terminating the membership of IAD with effect from July 16, 2016.
It means IntegraFin must pay HM Revenue & Customs roughly £10 million. It said it will pay £8.0 million in respect to VAT for the period to July 4, 2016 and September 30, 2021.
It will also pay £1.8 million in respect to VAT due for the financial year ending September 30, 2022.
‘The payment to HMRC of VAT due will come from group cash reserves,’ IntegraFin said. ‘If the company's appeal is successful, all VAT payments detailed above will be repaid with interest.’
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
