LONDON (Alliance News) - Augean PLC said Friday it will challenge a tax assessment from the UK taxman, which it believes to be "without merit".
The waste management business received a re-assessment for Augean North Ltd for a total amount of GBP1.1 million covering the period from August 2013 to July 2014. Earlier, Her Majesty's Revenue and Customs had assessed the amount to be GBP2.8 million.
This reduced re-assessment is in addition to the GBP9.4 million for the time period from August 2014 to August 2017 demanded by HMRC, the company said.
"We still believe that this assessment is without merit and maintain our position based on the legal advice received and independent reviews of our systems," the company said.
It added: "The group will take all appropriate legal channels to challenge the assessment received and seek to mitigate payment of the tax until these legal appeals have concluded."
Augean shares were trading up 10% at 51.80 pence.
