HMRC and MFI settle VAT dispute

MFI has reached an agreement with HMRC over a long-running VAT dispute on its
insurance-backed structural guarantees.

The furniture retailer paid all of the relevant VAT and was shown as a
receivable on its balance sheet of £60.5m, however, HMRC has paid MFI £21.8m,
with the rest written off its accounts.

MFI anticipates receiving the cash in mid-February.

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