News Column

Sportech Says UK VAT Repayment Claim Figure Has Increased

June 26, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Shares in online gambling and sports-entertainment company Sportech PLC rose Thursday after the company said that the outcome of the appeal of its VAT repayment claim, is now expected to be closer to GBP96 million, rather than the initially expected GBP95 million.

The company, which is still awaiting the outcome of the appeal case, has remained confident that the outcome of the tax claim would be in Sportech's favour.

The VAT repayment claim, in respect of the "Spot the Ball" game, was successfully determined in the group's favour by the First-Tier Tax Tribunal in March last year, but UK tax authority HMRC is appealing the decision to the Upper Tribunal.

Last month, the group said it had been advised to expect a decision from the Upper Tribunal in the summer.

"Sportech had previously announced that the claim including simple interest was for GBP95 million, but, with the passing of time, the total value of the claim is now anticipated to be closer to GBP96 million," Sportech said a statement Thursday.

Sportech shares were up 7.2% at 91.13 pence Thursday morning.

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Source: Alliance News

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