Virgin lands VAT windfall of £80m
Wednesday 08 June 2011
Virgin Media has secured an £81.5m refund from the taxman after drawn out negotiations over its Value Added Tax payments.
The group released a statement yesterday saying it had reached an agreement with HM Revenue & Customs "over certain VAT matters".
The two parties eventually agreed the refund, which will be spread out over the next eight years, after disputing how the company's operations should be taxed for over a year.
Virgin reported more good news yesterday, saying it was able to slash its "contingent liability" – the sum set aside for VAT payments it considered "reasonably possible we would have to pay", according to one company insider – from £74.6m to £23.6m.
Rival Sky and set-top box maker Pace last month won a legal dispute against HMRC in a battle over import duties on the boxes.
- 1 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 Frank Lampard's face drops when Holly Willoughby introduces him as a 'Man City legend'
- 3 UK weather: Britain braced for snow as arctic air mass moves in
- 5 General Election 2015: Stephen Hawking says he will vote Labour
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
Andrew Lloyd Webber: Phantom of the Opera writer mocked after issuing a warning about Ed Miliband and Nicola Sturgeon
General election 2015: Labour will toughen hate crimes legislation surrounding Islamophobia
HSBC review into moving headquarters from UK 'underway'
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...