Morgan Advanced Materials PLC US tax reform (7152C)
24 January 2018 - 6:00PM
UK Regulatory
TIDMMGAM
RNS Number : 7152C
Morgan Advanced Materials PLC
24 January 2018
Press Release
Morgan Advanced Materials plc
24 January 2018
US tax reform
Morgan Advanced Materials plc notes the passage into law of the
Tax Cuts and Jobs Act in the United States. Our preliminary impact
assessment is that we expect the Group's effective tax rate to be
reduced from 30% in 2017, to a range of between 28% and 29% for the
year ending 31 December 2018.
We also note that the new law will require us to revalue the
Group's US deferred tax balances following the reduction in the US
federal rate of corporate income tax. Our initial assessment is
that this is likely to lead to a non-cash credit for 2017, which
will be reflected as a specific adjusting item.
We note that certain aspects of the new law may be subject to
future clarification and as such could affect the extent to which
the Group is impacted by the reduction in the headline tax
rate.
For further enquiries:
Morgan Advanced
Pete Raby Materials plc 01753 837 000
Peter Turner
Alison Kay Brunswick 0207 404 5959
Notes:
The next scheduled update is the Group's Preliminary Full Year
results presentation on 27 February 2018.
Legal Entity Identifier: I4K14LL95N2PHDL7EG85
This information is provided by RNS
The company news service from the London Stock Exchange
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