SourceBio International PLC Update on VAT dispute with HMRC (0135A)

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: [phone] 
 Richard Lindley / William Hall / Miquela 
  Bezuidenhoudt 
 
 Walbrook PR Limited                    Tel: [phone] or [e-mail] 
 Paul McManus / Sam Allen                                   Mob: [phone] / 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCEAFNEADNAEFA

(END) Dow Jones Newswires

September 21, 2022 02:00 ET (06:00 GMT)