3 April 2017 – HMRC update
The company has now received pre-assessment notifications from HMRC indicating that it intends to issue assessments totalling £37.6m covering the period from 2013 to 2017. The company has taken legal advice and does not believe that the assessments have any merit and has therefore made no provision for these in its accounts. The recent share buying by directors at least shows that the directors are backing this view with hard earned cash although clearly some doubts must remain until the situation is resolved. Until that time we reduce to HOLD.