Fri, 21st May 2021 07:00
21 May 2021
Tower Resources plc
("Tower" or the "Company")
VAT Upper-Tier Tax Tribunal update
Tower Resources plc (TRP.L, TRP LN), the AIM listed oil and gas company with its focus on Africa ("Tower" or the "Company"), is pleased to announce that it has received a favourable ruling from the Upper-Tier Tax Tribunal ("UTTC") upholding the First-Tier Tax Tribunal's decision in the Company's favour on 8th July 2019 (the "FTT Decision") and dismissing HMRC's appeal against the FTT Decision.
The FTT Decision, which was announced by the Company on 9th July 2019, allowed the Company's appeal against HMRC's 2016 decisions to deny it credit for input VAT. The UTTC's decision dated 20th May 2021 affirms the FTT Decision, but remains subject to further appeal by HMRC to the Court of Appeal. Any such appeal application should be made within one month.
The Company has fully provided for assessments previously issued by HMRC in the Company's accounts up to and including its most recent Interim Accounts for the period ended 30th June 2020, and will continue to do so until final resolution of the matter.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Tower Resources plc
+44 20 7157 9625
Jeremy AsherChairman and CEO
Andrew MatharuVP - Corporate Affairs
SP Angel Corporate Finance LLPNominated Adviser and Joint Broker
+44 20 3470 0470
ETX CapitalJoint Broker
+44 20 7392 1436
Turner Pope Investments (TPI) LimitedJoint Broker
+44 20 3657 0050
Panmure Gordon (UK) LimitedJoint Broker
+44 20 7886 2500