Transact parent company to challenge £8m VAT ruling upheld by HMRC

Shares hit four-year low

Julia Bahr
clock • 1 min read

Transact's parent company IntegraFin Holdings has revealed HM Revenue & Customs (HMRC) will uphold its original decision to terminate subsidiary Integrated Application Development's (IAD) membership of a UK VAT group.

IntegraFin said it will contest the UK revenue authority's decision, which was first imposed in January 2020, terminating the membership of its unit with effect from 16 July 2016. It is looking to require a review by an HMRC officer that has not been previously involved with the matter. Integrated Financial Arrangements, a subsidiary of IntegraFin, said: "Yesterday the company received notice from HMRC that it had completed its reconsideration and would uphold its original decision, which is subject to a further review." An exclusion of IAD from the group means that any services provi...

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