On 20 March 2007, Caffyns plc ("the Company") announced that it had received £2.978m from HM Revenue & Customs ("HMRC") in respect of a claim relating to VAT overpaid on demonstrator vehicle bonuses. The amount received comprised the
claim of £1.378m and interest of £1.6m.
There was uncertainty relating to the retention by the Company of the monies received pending the outcome of a case due to be heard in the House of Lords later this year. Following a change of view by HMRC, confirmation has been received that the monies can be retained by the Company and that their retention is no longer dependent upon the outcome of this case.
The monies received (less professional costs incurred) amounting to approximately £2.9m, will be treated as income in the Company's Income Statement for the half-year ending 30 September 2007.
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201
16 July 2007
This information is provided by RNS
The company news service from the London Stock Exchange