Re Agreement

RNS Number : 0895U

BAE SYSTEMS PLC

15 December 2011

 

BAE Systems - Settlement of tax issues

15 December 2011

BAE Systems has concluded an agreement with the UK tax authorities addressing a number of items including the interpretation of the complex tax rules relating to Research and Development tax credits.  As a consequence of this agreement the Group anticipates a benefit to earnings per share of approximately 5.9p for the current year.  This agreement is not expected to have a material impact on the Group's effective tax rate in future years.

This benefit is in addition to the US and UK tax settlements in the first half of the year which resulted in the reduced tax rate of 26% in the Group's results for the first half of 2011.

Issued by:-

BAE Systems plc

London

 

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