LONDON (ShareCast) - Recruitment firm Michael Page (LSE: MPI.L - news) said it has received £26m, net of fees, in overpaid VAT from
Her Majesty's Revenue and Customs (HMRC).
In 2003 Michael Page submitted an initial claim to HMRC for overpaid VAT which was rejected. The group appealed and subsequently filed amended claims covering the period from 1980 to 2004.
In March 2009, Michael Page filed amended claims for a further £80m, net of fees, for overpaid VAT covering the period from 1980 to 2004.
HMRC has now partly settled these claims with the payment. Michael Page said it is also entitled to receive statutory interest on this amount and is pursuing this.
"There remains considerable uncertainty over the length of time to finalise these claims and the final amount, if any, of overpaid VAT and statutory interest that will ultimately be received by MPI from HMRC," said the group.
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