SBC News Voice of the Sports Betting Industry
Sports betting operators Sportech and Rank Group may be rewarded with UK tax returns concerning corporate claims for refunds on overpaid UK VAT. Both operators have applied for UK High Court hearings regarding tax rebates on overpayments made by the operator to the UK government.
Further positive news for the operators saw the UK High Court ruled that refunds for VAT overpayments, would be aligned to compound refunds rather than ‘simply’ interest on the tax paid by the operators.
This may significantly increase the sums of money the operators are looking to claim back from over payments.
Due to the compound interest being factored by the High Court, Sportech’s £95 million tax claim could rise to £160 million. The operator is seeking tax back from the UK government with regards to corporate payments made between 1979-1996. Sportech have upgraded its claim from £80 to £95 million, after receiving advise from corporate tax specialists.
Rank Group’s case for tax rebate is complicated given that the operator was forced to hand back the £31m it was paid by the HMRC following a verdict issued by the UK Court of Appeal. If successful Rank Group’s claim for £275 million in tax rebates could also be set to double.
