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:
Pete Raby |
Morgan Advanced Materials plc |
01753 837 000 |
Peter Turner |
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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
