21 January 2013
CarbonDesk Group PLC
("CarbonDesk" or the "Company")
Statement regarding HM Revenue & Customs
CarbonDesk announces that it has received a claim by HM Revenue
& Customs ("HMRC") to disallow input tax on carbon trading
transactions conducted by the Company in the months of June and
July 2009. The sum claimed by HMRC
from the Company amounts to £95,484,820 plus accrued interest.
The Directors of CarbonDesk strongly dispute that there is any
basis for the claim by HMRC and will contest it thoroughly. To that
end, the Directors of CarbonDesk intend to request an immediate
independent Tribunal review of HMRC's decision.
In the course of its trading history and for the purpose of
applying appropriate checks and risk avoidance measures, CarbonDesk
has been scrupulous and diligent in obtaining and following
guidance from Value Added Tax and legal professionals of high
calibre and reputation.
As a result, the Directors of CarbonDesk are perplexed by HMRC's
claim. They are, however, confident that the position taken by
HMRC, in an area of VAT law which arguably lacks clarity and
consistency, will ultimately be found to be erroneous after the
claim is tested at the independent Tribunal, if not before.
The Directors of the Company accept responsibility for the
announcement.
--ENDS--
Enquiries:
CARBONDESK GROUP PLC
Brett Stacey / Daniel Edelman / Peter Holmes
Daniel.Edelman@theCarbonDesk.com
Peterhouse Corporate Finance Limited
Fungai Ndoro / Eran Zucker
Tel: 020 7469 0932
