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Transact owner faces £4.3m VAT charge

IntegraFin Holdings plc (IHP), parent company of UK investment platform Transact, has been hit with an unexpected £4.3m VAT bill after HMRC challenged its inclusion of its Australian operations within its UK VAT group.

Transact owner faces £4.3m VAT charge
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In a stock exchange announcement, IHP revealed it had received notice from HMRC about VAT paid by one of its companies, Australian-based Integrated Application Development Pty Ltd (IAD). HMRC said IAD's membership of a UK VAT group would be terminated with effect from 16 July 2016.

Read more at the Accountancy Daily

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