Energy Voice reports that Awilco Drilling, headquartered in Westhill, near Aberdeen, said it was in “regular contact” with HMRC regarding part of its income booked in 2015.
The company believed it could use its accumulated losses to offset the income, giving it a reduction in tax liability for the year However, HMRC disagrees and has levied a £7.7M tax bill on Awilco.
In the firm’s third-quarter results announcement, Awilco’s management said they were “of the opinion that HMRC is incorrect” and have challenged the decision.
Tax does have to be taxing.
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