R&D Tax Credits

7 Dec 2006 15:45

Corac Group Plc07 December 2006 For Immediate Release 7 December 2006 CORAC GROUP PLC R&D Tax Credits Corac Group plc announces that it has concluded discussions with HM Revenue &Customs ('HMR&C') in respect of R&D tax credits for 2004 and 2005. Repayable taxcredits estimated in the financial accounts at £270,000 for the two financialyears have been agreed at £670,000, and repayment has been received in full bythe Company. The additional £400,000 will be credited to the Profit and Lossaccount in the financial year ending 31 December 2006. Tax losses carried forward after the additional £400,000 claimed in cash fromHMR&C will be £5.4 million. For further information please contact: Corac Group plc 01895 813463Tom Ivings, Finance Director Buchanan Communications 020 7466 5000Richard Darby/Suzanne Brocks/Ben Willey This information is provided by RNS The company news service from the London Stock Exchange