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Michael Page International Plc (MPI:LSE) has announced that an agreement has been reached in principle, subject to legal contract, between Michael Page and Her Majesty's Revenue and Customs (HMRC) in respect of the initial claim for a refund of overpaid Value Added Tax (VAT) plus statutory interest.
On 30 April 2010, a formal agreement was signed with HMRC. As a result, of the 50 million Pounds originally received from HMRC, Michael Page will retain 38 million Pounds and will return 12 million Pounds by the end of May 2010.
Accordingly, after fees, Michael Page will recognise approximately 28 million Pounds as non-recurring income in its 2010 Income Statement.
In respect of the amended claims for a further refund of an additional 80 million Pounds, net of fees, of overpaid VAT there have been no further discussions or meetings with HMRC and MPI will continue to pursue the claim.
The Group will update the market on further developments relating to the claims when appropriate.