For Immediate Release 13 June 2006
World Television Group Plc
("World Television" or "the Company")
HMRC concludes World Television not liable for tax
World Television has been advised by HM Revenue and Customs (HMRC) in the UK
that it has concluded its review of potential PAYE and National Insurance
contributions (NIC) concerning Tornado Group plc (now called World Television)
at the time of its flotation in March 2000. The Company announced the review on
2 December 2005 and has vigorously defended its position during the process.
HMRC has agreed that Tornado Group plc operated PAYE/NIC on the correct measure
of profits and that accordingly World Television's liability in this case is
nil. Moreover HMRC has advised that the Company will not be liable for any
court costs arising from the review. The Company will meet its own costs in the
case, which are expected to be within the figure provided for in the 2006
The Board made a provision of £496k for the liability excluding penalties and
some interest in the final accounts for the year ended 31 December 2005. This
provision, charged as an exceptional item, is no longer required and will be
written back in the accounts for the current year.
World Television Group PLC
Steve Garvey, Chief Executive Tel: +44 (0) 20 7388 8555
Evelyn Kimber, Chief Financial Officer As above
About World Television
Founded in 1991, World Television is a global leader in television and IPTV
communications for companies, governments and international organisations,
delivering solutions that communicate their messages effectively in today's
global environment. The company combines its creative production skills with
the latest technology to target external and internal audiences.
In 2005 over 10,000 webcasting, multimedia and broadcast projects were
delivered in 35 countries, on 5 continents, in 15 languages.
World Television is London Stock Exchange (AIM) listed and headquartered in
London, with offices in Zurich, Geneva, Stockholm, Madrid, Frankfurt, Sydney
and Nelson, NZ. The company employs over 80 people.
Television and multimedia solutions help World Television's clients to motivate
employees, excite customers, inform investors and manage a crisis.