Hansard Global Boosted By Provision Release

LONDON (Alliance News) - Hansard Global PLC Friday said it will benefit to the tune of GBP3.3 million due to releases from provisions it made a year ago to pay for shortfalls identified around the issuance of chargeable events certificates required by UK tax authorities.

The long-term savings provider had provided GBP5.0 million in relation to the matter but talks with HM Revenue & Customers resulted in agreement to pay a full and final settlement of GBP1.4 million.

That figure was reached on an estimate of tax lost basis, including a penalty of GBP8,000. The GBP3.3 million release takes into account professional and advisory fees.

Shares in Hansard were up 1.8% at 100.30 pence on Friday morning.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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