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  "documentTitle": "2024 FY Results Presentation",
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  "notes": "Slide 33 from IAG 2024 Full Year results presentation.",
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      "text": "This will not affect our ability to pay dividends or other shareholder returns.",
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      "text": "VAT assessment: £557m",
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      "text": "HMRC issued a decision letter in October 2024 relating to its view that IAG Loyalty has not been applying the correct treatment of VAT when issuing Avios. IAG and its advisors strongly disagree with HMRC's view. As at 31 December 2024 HMRC has issued assessments totalling £557m (€673m) for historical periods commencing March 2018. In order to appeal the case at the First-tier Tribunal (Tax) the Group has paid £557m to HMRC, without admitting liability. The hearing is expected in 2026. The Group has also applied to the High Court in the UK for a judicial review and is awaiting confirmation that its application has been accepted. During 2024 the Group commenced accounting for and paying to HMRC amounts in accordance with HMRC's decision in order to avoid incurring potential interest and penalties, without admitting liability. This included €88m (£73m) that it does not expect to be able to recover from its partners. Of the assessed VAT amounts, the Group expects £215m (€260m) to be recoverable as input VAT. As Management and its advisors consider an outcome in favour of IAG to be more likely, the accounting treatment is as follows: The paid amounts will be recorded as an asset on the balance sheet. Ongoing payments will reduce deferred and passenger revenue. This will not affect our ability to pay dividends or other shareholder returns.",
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      "text": "See FY 2024 Results Release note 10(g) (Tax) for further information",
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      "text": "IAG Loyalty VAT",
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