Tower Resources PLC receives favourable ruling in tax tribunal

() told investors it has received a favourable ruling from the Upper-Tier Tax Tribunal which upheld a prior decision, from July 2019, and has dismissed an appeal by HMRC.

The prior decision allowed the company’s appeal against HMRC’s 2016 decisions to deny it credit for input VAT.

This latest decision remains subject to further appeal by HMRC to the Court of Appeal, the company noted, and added that any such appeal should be made within one month.

In a statement, the company noted that it has fully provided for assessments previously issued by HMRC in its accounting up to and including its most recent interim accounts.