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3 months ago
BRIEF-Diageo says HMRC to issue notices requiring additional tax
May 10, 2017 / 2:43 PM / 3 months ago

BRIEF-Diageo says HMRC to issue notices requiring additional tax

May 10 (Reuters) - Diageo Plc:

* Diageo - HM Revenue & Customs intends to issue preliminary notices of assessment under new diverted profits tax regime, which came into effect in April 2015

* Diageo - Notices will require Diageo to pay additional tax and interest of approximately £107 million in aggregate for fy ended 30 june 2015 and 30 june 2016

* Diageo does not believe that it falls within scope of new diverted profits tax regime

* Will challenge assessments when they are received

* Based on its current assessment, Diageo considers no provision is required in relation to diverted profits tax

* Issue does not change Diageo's expectation that tax rate before exceptional items for year ending 30 june 2017 will be approximately 21%. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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