- Defence company Chemring said it was retiring a contingent liability of up to £15 million after HM Revenue & Customs confirmed that an enquiry into company's participation in the UK's controlled foreign company finance exemption had been closed.

'HMRC have advised that they have formed a view that Chemring was not a beneficiary of State Aid in the periods ending 2013 to 2018,' the company said.

'Furthermore HMRC have confirmed that the European Commission have indicated that they agree with HMRC's conclusion and the issue as to whether the Group benefited from State Aid is regarded as closed.'

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