Business
Statement re CFC Finance Company Exemption
Statement re CFC Finance Company Exemption.
About this update from Chemring Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4221O\n Chemring Group PLC\n 08 October 2021\n \n \n \n \n FOR IMMEDIATE RELEASE 8 OCTOBER 2021\n \n \n \n \n \n CHEMRING GROUP PLC (\"Chemring\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Controlled Foreign Company (\"CFC\") Finance Company Exemption\n \n \n \n \n \n Chemring is pleased to announce that it has received confirmation from HM Revenue & Customs that their enquiry into Chemring's participation in the UK's Controlled Foreign Company Finance exemption has been closed.\n \n \n \n \n \n HMRC have advised that they have formed a view that Chemring was not a beneficiary of State Aid in the periods ending 2013 to 2018. Furthermore HMRC have confirmed that the European Commission have indicated that they agree with HMRC's conclusion and the issue as to whether the Group benefited from State Aid is regarded as closed.\n \n \n \n \n \n The Group's 2020 Annual Report & Accounts included a contingent liability disclosure in Note 34 indicating a range of possible outcomes of £nil to £15m plus interest. In light of this announcement this contingent liability has now been retired.\n \n \n \n \n \n -ENDS-\n \n \n \n \n \n For further information:\n \n \n \n \n \n Rupert Pittman Group Director of Corporate Affairs, 01794 463401\n \n \n Chemring Group PLC \n \n \n Andrew Jaques MHP Communications 020 3128 8170\n \n \n James Bavister \n \n \n \n \n \n Cautionary statement\n \n \n This announcement contains forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could, is confident, or other words of similar meaning. Undue reliance should not be placed on any such statements because they speak only as at the date of this document and, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Chemring's plans and o...