Rank Loses Vat Appeal
By Casinomeister, Last updated Jul 10, 2015
No effect on financials due to provisions already having been made
The Rank Group Plc has lost a Supreme Court appeal by Her Majesty's Revenue & Customs (HMRC) regarding an overpaid VAT claim on certain types of amusement machines between 2001 and 2005.
Following a Court of Appeal ruling against the Company in October 2013, Rank repaid GBP 25.2 million in May 2014 of the GBP 30.7 million received in connection with these claims to HMRC, saying it had fully provided for the remainder.
Rank said the decision has no impact on Rank's financial performance or balance sheet strength due to the provisions made.
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