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Augean Plc (AUG)

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Wednesday 24 April, 2019

Augean Plc

HMRC Assessment Notification and Director Change

RNS Number : 9957W
Augean Plc
24 April 2019
 

Augean plc

("Augean" or "the Group")

Augean South & Augean North HMRC Assessment Notification

and Director Change

 

Augean, one of the UK's leading specialist waste management businesses, has been issued with a final assessment from HMRC for Augean South Limited for a total amount of landfill tax of £24.4m (£26.2m including interest) covering the period ending 31 August 2013 to 31 May 2018.

 

The Group has also been issued an amended and marginally reduced final assessment for Augean North of £10.3m (£11.1m including interest) covering the period ending 31 October 2013 to 31 July 2017.

 

The amounts for which Augean has been assessed (excluding interest and penalties) total approximately £34.7m, which is as expected by the Board. The Group continues to believe, based on legal advice, that it has paid the correct amount of landfill tax and that HMRC's assessments are incorrect/unjustified.  Accordingly, it has appealed both the Augean South and Augean North assessments and the tax tribunal is expected in the first half of 2020. HMRC has agreed to the deferment of the payment of total tax assessed under Augean North until the outcome of the tax tribunal has concluded, and a similar deferment for Augean South has been applied for and is awaited. HMRC is considering whether penalties may be appropriate and there may be other final assessments for other time periods for both Augean North and Augean South.

 

Andrew Bryce, Non-Executive Director, will retire from the Board with effect from 30 April 2019. Andrew re-joined the Board in September 2017, just after the Group had received the initial assessments from HMRC, to help the Group map the path to determining any potential liability. Andrew's retirement coincides with the receipt of the final assessments from HMRC which were as expected and the appeal will be handled by the Group's lawyers, Simmons & Simmons. The Board would like to thank Andrew for his valued and reasoned input, particularly on all aspects of regulatory law, and wish him well for the future.

 

-  Ends -

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation.

 

 Enquiries:

 

Augean plc

Jim Meredith, Executive Chairman

Mark Fryer, Group Finance Director

 

01937 844 980

N+1 Singer                              020 7496 3000

Shaun Dobson

Jen Boorer

 

 

 

 


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MSCEALLLASENEFF

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