SourceBio International PLC Update on VAT dispute with HMRC (0135A)
21 Septiembre 2022 - 1:00AM
UK Regulatory
TIDMSBI
RNS Number : 0135A
SourceBio International PLC
21 September 2022
SourceBio International plc
('SourceBio', the 'Company' or the 'Group')
Update on VAT dispute with HMRC
SourceBio International plc (AIM: SBI), a leading international
provider of integrated state-of-the-art laboratory services ,
provides an update on its previously reported dispute with
HMRC.
In December 2021, HMRC issued a letter to the Group that
challenged the Group's VAT treatment of COVID-19 PCR testing
services provided. HMRC suggested that some of those services
should have been treated as standard rated for VAT purposes. On
professional advice, the Group treated the accounting for COVID-19
PCR services as VAT exempt. The Group took advice, which supported
the accounting treatment adopted and the Board concluded that no
provision should be made in its financial statements.
HMRC subsequently reverted to its policy team and its solicitors
office. The Group previously updated that on 25 July HMRC had
verbally informed the Group's tax advisors that HMRC did not intend
to pursue its claim for VAT to be chargeable on COVID-19 PCR
services and that it expected to put this in writing. The Group is
pleased to advise that it has now received written confirmation
that HMRC has accepted the Group's position and that their enquiry
is now resolved. The Board now considers the matter closed.
Contacts:
SourceBio International plc www.sourcebiointernational.com
Jay LeCoque, Executive Chairman Via Walbrook PR
Tony Ratcliffe, Chief Financial Officer
Liberum (Nominated Advisor and Broker) Tel: 020 3100 2000
Richard Lindley / William Hall / Miquela
Bezuidenhoudt
Walbrook PR Limited Tel: 020 7933 8780 or sourcebio@walbrookpr.com
Paul McManus / Sam Allen Mob: 07980 541 893 / 07502
558 258
About SourceBio International plc
www.sourcebiointernational.com
SourceBio is a leading international provider of integrated
state-of-the-art laboratory services with clients in the
pharmaceutical, healthcare, clinical, drug development and life
sciences research industries, with a focus on improving patient
diagnosis, management and care. Group revenues are derived from
four business units:
-- Healthcare Diagnostics - Histopathology cancer screening, including
Digital Pathology and clinical diagnostic services for the NHS and
private healthcare providers across the UK
-- Genomics - DNA sequencing services and Precision Medicine offering
for pharmaceutical and biotechnology industries, academia, contract
research organisations (CROs) and other research groups in the UK,
Europe and North America
----------------------------------------------------------------------
-- Stability Storage Controlled environmental storage services and
laboratory equipment validation services for pharmaceutical industry
in the UK, Ireland and North America
----------------------------------------------------------------------
-- Infectious Disease Testing - A range of COVID-19 testing services
for commercial enterprises, private healthcare groups and the NHS,
including PCR testing under ISO 15189 accreditation.
----------------------------------------------------------------------
More details on Group operations can be found here:
www.sourcebioscience.com
SourceBio International plc (SBI) is listed on the AIM market of
the London Stock Exchange.
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END
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