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BRIT REVENUE AND CUSTOMS GIVES UP ON RANK V.A.T. ISSUE
06th December, 2011 at 11:52:12
HM Revenue & Customs confirms Rank group's bingo claims after a long fight through the courts
Her Majesty's Revenue and Customs Department has finally conceded defeat in its long value added tax tussle over bingo with the Rank plc gambling group.
In a press statement Tuesday, Rank noted an announcement earlier in the day from HM Revenue & Customs' confirming that the group's claims for overpaid VAT on bingo (for which Rank has received £ 253 million - see previous reports) will not be contested further.
This confirms Rank's analysis of the European Court of Justice's decision on the group's bingo claims, which was announced on 10 November 2011.
Rank's victory is only partial at this point. HMRC's announcement goes on to say that it will continue to contest Rank's claim for overpaid VAT on gaming machines (for which Rank has so far received £ 30.8 million).
Rank anticipates that the next stage of this litigation will be heard in the UK courts in the first half of 2012.
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