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24 Jun 2021 12:14
Augean plc
("Augean" or "the Group")
Tax Tribunal Decision
Augean plc, one of the UK's leading specialist waste management businesses, last year contested a preliminary issue with HMRC at the First Tier Tax Tribunal (the "Tribunal") as to whether Augean (North and South) had appropriately interpreted certain elements of landfill tax law as described in guidance note LFT1 (published by HMRC). The decision of the Tribunal has now been released, which has found in our favour. HMRC can appeal this decision within 56 days.
We are pleased with the outcome of the Tribunal and believe the decision is vindication of our view that we have correctly applied landfill tax law and paid the landfill tax correctly.
Given the decision establishes a basis of understanding for areas of landfill tax law, rather than dealing with specific disposals or payments; the decision does not change the value of the tax asset recognised and there will be no impact on guidance going forward or on the Group's profit as a result of this decision.
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Enquiries:
Augean plc Jim Meredith, Executive Chairman Mark Fryer, Group Finance Director
| 01937 844 980 |
N+1 Singer (Nominated Adviser and Joint Broker) Shaun Dobson Peter Steel Jen Boorer | 020 7496 3000 |
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Panmure Gordon (Joint Corporate Broker) Ed Walsh Nick Lovering
| 020 7886 2500
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