HMRC Assessment Notification
("Augean" or "the Group")
Augean North HMRC Assessment Notification
Augean, one of the UK's leading specialist waste management businesses, has been issued with a final assessment from HMRC for Augean North Limited for a total amount of landfill tax of £2.9m (£3.1m including interest) covering the period ending 31 October 2017 through to 30 April 2018.
This assessment was anticipated and advised with Group Interim Results issued on 17 July. The value is as expected. The Group will appeal the assessment with the tax tribunal expected in 2020. 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. No financial provision will be made for HMRC's assessments based on legal advice received. 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.
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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation.
Jim Meredith, Executive Chairman
Mark Fryer, Group Finance Director
01937 844 980
0207 496 3000
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Market Cap: £122.82 m
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