Rank Group losses £30 million VAT appeal

taxThe UK Supreme Court has overruled a VAT appeal lodged by Rank Group Plc with regards to a £31 million dispute on taxation of its gambling machines between 2002 and 2005.

The appeal was brought up by Rank Group on 21 April 2015, with regards to the operatpors claims that it had overpaid VAT on Grosvenor Casino and Mecca Bingo gaming machine duties during the three year period.

UK’s VAT and Duties Tribunal issued an interim decision in favour of the operator in August 2008, with £30.7 million (€42.5 million/$47.1 million) paid to Rank in 2010.

Following a Court of Appeal ruling against the gaming business in October 2013, Rank repaid £25.2m of the £30.7m received in connection with these claims to HMRC and fully provided for the remainder, the operator stated.

As a result, the decision has no impact on Rank’s financial performance or balance sheet strength in the current or future periods.

Rank will announce its results for the year to 30 June 2015 on 20 August.

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