Sportech Loses VAT Refund Claim

12/22/10 :

Betting company asked for 23 year's of overpayment to be refunded, but Her Majesty's Customs turns down the claim
 
The UK betting group Sportech had its hopes of a GBP40 million Value Added Tax refund dashed this week when HM Customs and Revenue Department turned down its application for a refund.
 
Sportech claimed it had overpaid VAT on its Spot The Ball game between 1979 and 1996 when it submitted its refund claim for GBP40 million earlier this year, saying that the overpayment was made in error and was therefore refundable.
 
Company spokesmen said this week that the company has a 30 day window in which o lodge an appeal with the independent First Tier Tax Tribunal, and that it intended to do so.
 
“The company continues to consult with its advisors but fully intends to lodge such an appeal, and will update the market at such time as the appeal is lodged,” they added.