21st May 2020 11:50
(Alliance News) - GVC Holdings PLC on Thursday said it expects to be eligible for a UK tax rebate of GBP200 million incorrectly paid from October 1, 2002 to January 31, 2013.
The sports betting and gaming group noted the ruling of the Upper Tribunal in the cases of Betfred and Rank Group PLC concerning the application of value-added tax to gaming machines and fixed odds betting terminals within licenced betting shops.
GVC said it believes the ruling Betfred and Rank - and the decision by UK tax collector HMRC not to appeal said ruling - means it will be eligible for a rebate of tax incorrectly paid on gaming machine revenues from its Ladbrokes betting shops from October 2002 to January 2013.
On Wednesday, William Hill PLC also had noted HMRC's decision not to appeal the tribunal ruling. It said it expects its own claim for a VAT refund for the same activity to be "material" at between GBP125 million and GBP150 million.
The FTSE 250-listed stock was trading 0.8% higher at 818.00 pence each on Thursday morning in London.
By Ife Taiwo; [email protected]
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