VAT Tribunal Update

RNS Number : 8576E

Tower Resources PLC

09 July 2019

 

9 July 2019

Tower Resources plc

VAT Tribunal Update

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, is pleased to announce that the First-Tier Tribunal (Tax Chamber) has on 8th July 2019 delivered its decision to allow the Company's appeal against HMRC's 2016 decisions to deny it credit for input VAT.

This decision is subject to possible further appeal by HMRC to the Upper Tribunal. If HMRC chooses to make such an appeal, then it must do so within 56 days of the delivery of the First-Tier Tribunal's decision. Any such appeal must be based on an error of law. The findings of fact made by the First-Tier Tribunal are final. 

The Company has fully provided for assessments previously issued by HMRC in the Company's accounts, up to and including its accounts for year ended 31^st December 2018.                                                                               

The Company will announce further developments as they arise.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Contacts

Tower Resources plc	[phone] [e-mail]
Jeremy Asher Chairman and CEO
Andrew Matharu VP - Corporate Affairs
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker	[phone]
Stuart Gledhill Caroline Rowe
Whitman Howard Limited Joint Broker Nick Lovering	[phone]
Turner Pope Investments (TPI) Limited Joint Broker Andy Thacker	[phone]
Yellow Jersey PR Limited Investor Relations Tim Thompson Henry Wilkinson	[phone] [e-mail]

 

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