Watchstone Group PLC - WTGIL Limited VAT Appeal

Announcement provided by

Watchstone Group PLC · WTG

13/04/2022 08:30

RNS Number : 2504I

Watchstone Group PLC

13 April 2022

Watchstone Group plc

WTGIL Limited VAT Appeal

Watchstone Group plc (LON:WTG) ("Watchstone") announces that following a hearing held in December 2021, it has now been informed of the decision of the First Tier Tribunal which has found in favour of HMRC and that Watchstone's subsidiary WTGIL Limited ("WTGIL") did not make any supplies of telematics devices or related services in the VAT periods 07/2014 to 07/2018. Accordingly, WTGIL's appeal has been dismissed. WTGIL will consider the judgment with its advisers and Counsel and decide on the next steps (if any) including whether to appeal to the Upper Tax Tribunal.

For further information:

Watchstone Group plc

Tel: +44 (0)3333 448048

investor.relations@watchstonegroup.com

WH Ireland LLP, Financial Adviser and Broker

Tel: +44 (0)20 7220 1666

Chris Hardie

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