Business
Update on VAT Reclaims - Clos
Update on VAT Reclaims - Clos.
About this update from Pagegroup Plc
[{"type":"text","content":"\n RNS Number : 1934L Michael Page International PLC 04 May 2010 \n \n\n \n \n \n \n \n \n4 May 2010\n \nUPDATE ON VAT RECLAIMS - CLOSURE OF INITIAL CLAIM\n \nOn 5 March 2010 Michael Page International plc (MPI) announced that an agreement had been reached in principle, subject to legal contract, between MPI and Her Majesty's Revenue and Customs (HMRC) in respect of the initial claim for a refund of overpaid VAT plus statutory interest.\n \nOn 30 April 2010, a formal agreement was signed with HMRC. As a result, of the £50 million originally received from HMRC, MPI will retain £38 million and will return £12 million by the end of May 2010.\n \nAccordingly, after fees, MPI will recognise approximately £28 million as non-recurring income in its 2010 Income Statement. \n \nIn respect of the amended claims for a further refund of an additional £80m, net of fees, of overpaid VAT there have been no further discussions or meetings with HMRC and MPI will continue to pursue the claim.\n \nThe Group will update the market on further developments relating to the claims when appropriate.\n \n \nEnquiries:\n \n\n\n\n\nMichael Page International plc\n\n\n01932 264144\n\n\n\n\nStephen Puckett, Group Finance Director\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nFinancial Dynamics\n\n\n020 7269 7291\n\n\n\n\nRichard Mountain / Susanne Yule\n\n\n\n\n\n\n\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCBUGDSRDXBGGG\n ","length":3070,"tagName":"div"}]