Friday May 31,2013 : GOOD NEWS FOR SPORTECH PLC (Update)
Revenue and Customs will not be allowed to appeal VAT decision
There was good news for UK retail and online gambling group Sportech plc Friday….an estimated GBP 80 million-worth of it.
The company announced that the First Tier Tax Tribunal (FTT) has refused to give HM Revenue and Customs permission to appeal a decision made earlier this year in favour of Sportech.
The issue centred on the payment of Valued Added Tax (VAT) which Sportech claimed back from the government in a case where around GBP 80 million in refunds is due to the gambling group.
"HMRC have the option of applying to the Upper Tribunal for permission to appeal against the decision of the FTT and have until 1 July 2013 to make such an application," the Sportech notification advised.