AUG.L Regulatory News (AUG)

27 October 2017

Augean plc ("Augean" and with its subsidiaries the "Group")

HMRC update

Augean, one of the UK's leading specialist waste management businesses, has today been notified of an assessment by HMRC for landfill tax of £0.7m with interest of £0.1m for the three months ended 31 October 2013.

The receipt of this assessment was expected, as indicated in the Group's announcement of 25 August 2017. It relates to Augean North Limited, following on from the earlier assessment received by Augean South Limited. No other Group subsidiaries are registered for landfill tax.

Augean believes that, as with the first assessment, this second assessment has been issued in order to protect HMRC against the relevant period falling out of time (a four year look-back applies for landfill tax) whilst discussions between HMRC and Augean regarding its landfill tax position are ongoing. As a result of the four year time limit, Augean expects further assessments to be issued in order for HMRC to protect subsequent periods. Going forward, whilst the Group will provide appropriate and periodic updates, it does not intend to announce the receipt of each and every assessment.

Having taken advice from leading counsel and its solicitors, Augean continues to believe that both these assessments and any future assessments are without merit and remains in discussions with HMRC. The Group will robustly challenge these and any further landfill tax assessments that it may receive from HMRC, through the tax tribunal system if appropriate. Augean continues to work with stakeholders in the sector about the broader adverse implications for the continued and necessary proper treatment of hazardous waste.

Further announcements will be made at the appropriate time. 

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