Virgin Media gets VAT refund from HMRC
Now owes taxman £23.6m
Virgin Media has received a refund of £81.5m from HM Revenues and Customs (HMRC) covering VAT payments.
The telco said in a short statement that its current contingent liability had been reduced to £23.6m.
Virgin Media didn't reveal any further details about the arrangement.
In the company's last quarter ended 31 March this year it had employee taxes and VAT that stood at £122.5m, compared with £88.6m for the previous quarter.
The VAT refund will be reflected in Virgin Media's second quarter of this year. ®