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Tower Resources PLC - 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 31st 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.




Tower Resources plc

+44 20 7157 9625
[email protected]

Jeremy Asher
Chairman and CEO



Andrew Matharu
VP - Corporate Affairs





SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker

+44 20 3470 0470

Stuart Gledhill

Caroline Rowe





Whitman Howard Limited
Joint Broker

Nick Lovering


+44 20 7659 1234



Turner Pope Investments (TPI) Limited
Joint Broker

Andy Thacker


+44 20 3657 0050



Yellow Jersey PR Limited

Investor Relations

Tim Thompson

Henry Wilkinson

+44 20 3735 8825

[email protected]




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Quick facts: Tower Resources PLC

Price: 0.285

Market: AIM
Market Cap: £3.54 m

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