Michael Page VAT win cut by £12m

Prominent recruiters Michael Page International said it will return £12m to
the taxman after a VAT overpayment win was revised down to £38m.

The company told shareholders today it had reached a formal agreement with HM
Revenue & Customs to return the cash by the end of the month.

The FTSE 250 business said in a statement to the City today: “As a result, of
the £50m originally received from HMRC, MPI will retain £38m and will return
£12m by the end of May 2010.”

The company is also pursuing a separate £80m claim.

“In respect of the amended claims for a further refund of an additional £80m,
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 company added.

Read the full statement:
on VAT Reclaims

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