Friday March 8, 2013 : SPORTECH WINS TAX CLAIM
Sum to be repaid to gambling group will be in excess of GBP 80 million i.r.o. overpaid VAT plus interest
The UK online gambling group Sportech plc reports that it has been victorious in its First-tier Tribunal Tax Chamber action against Her Majesty's Revenue and Customs Department (HMRC) seeking repayment of more than GBP 40 million in Value Added Tax, plus interest which could boost the reimbursement to over GBP 80 million.
The case arose from issues concerning the VAT treatment of Sportech's Spot the Ball game for the period 1979-1996.
First-tier Tribunal's Tax Chamber (HMRC) has until 30 April 2013 to appeal if it wishes, but has not yet revealed its intentions.
A Sportech spokesperson said Friday: "As a consequence of this ruling, Sportech will now enter into discussions with HMRC to agree the quantum of the claim.
“It is anticipated that the sum to be repaid to Sportech will be in excess of GBP 40 million in respect of overpaid VAT plus simple interest, which is expected to more than double the total sum receivable to more than GBP 80 million.”