Shire plc announces that its Canadian subsidiary has received assessments from the Canadian revenue authorities, entitling it to total cash refunds equivalent to $410M. Following receipt of the assessments, the company has recorded a net credit to income taxes amounting to $216M. This income tax credit will be excluded from Non GAAP income, and will not impact Shire's Non GAAP core effective tax rate in 2014. The assessments do not impact the company's current or future income tax profile. Shire intends to use the cash receipts to repay debt, providing Shire with increased capacity to invest in focussed business development activities. As a result of the assessments, Shire Canada is entitled to receive additional cash refunds of $162M, expected in late 2014.