StockMarketWire.com - Aerospace and defence company Cobham said it would make a one-off tax payment to settle a long-standing tax dispute with UK government.
In the first half of 2019 Cobham would make a one-off net tax payment of £55m, together with a one-off interest payment of £14m, to finally settle the group's exposure to this matter, the company said.
The tax dispute was related to the' availability of interest deductions on one of the group's internal financing structures, which was in place between 2008 and 2014,' it added.
Cobham also may have to fork out up to £60m of tax related to European Commission State Aid investigations.
The EC in April decided the UK ha controlled foreign company regime partially equates to disallowed state aid. But the UK government had yet to decide how it will recover this, the company said.
At 10:16am: [LON:COB] Cobham PLC share price was +0.75p at 114.4p
Story provided by StockMarketWire.com
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