Last checked at 9 Jul 2019 07:00
9 July 2019
Tower Resources plc
VAT Tribunal Update
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, is pleased to announce that the First-Tier Tribunal (Tax Chamber) has on 8th July 2019 delivered its decision to allow the Company's appeal against HMRC's 2016 decisions to deny it credit for input VAT.
This decision is subject to possible further appeal by HMRC to the Upper Tribunal. If HMRC chooses to make such an appeal, then it must do so within 56 days of the delivery of the First-Tier Tribunal's decision. Any such appeal must be based on an error of law. The findings of fact made by the First-Tier Tribunal are final.
The Company has fully provided for assessments previously issued by HMRC in the Company's accounts, up to and including its accounts for year ended 31st December 2018.
The Company will announce further developments as they arise.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Contacts
Tower Resources plc | +44 20 7157 9625info@towerresources.co.uk |
Jeremy AsherChairman and CEO |
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Andrew MatharuVP - Corporate Affairs |
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SP Angel Corporate Finance LLPNominated Adviser and Joint Broker | +44 20 3470 0470 |
Stuart Gledhill Caroline Rowe
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Whitman Howard LimitedJoint Broker Nick Lovering
| +44 20 7659 1234 |
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Turner Pope Investments (TPI) LimitedJoint Broker Andy Thacker
| +44 20 3657 0050 |
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Yellow Jersey PR Limited Investor Relations Tim Thompson Henry Wilkinson | +44 20 3735 8825 tower@yellowjerseypr.com
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