6th Jun 2016 07:08
LONDON (Alliance News) - Gaming company Sportech PLC on Monday said HM Revenue & Customs has applied directly to the Supreme Court for permission to appeal the UK Court of Appeal's ruling in favour of Sportech over a GBP97 million VAT repayment claim.
Back in 2009, Sportech asked HMRC to repay more than GBP40 million in VAT that the company claimed it had overpaid on its Spot the Ball game between 1979 and 1996. It later took the case to a tribunal which initially found in its favour and said it was owed GBP95 million including simple interest.
However, HMRC, which had paid the company GBP93 million, then successfully appealed with an upper tribunal in September 2014, and Sportech was required to repay the money to the taxman.
Sportech then sought leave to appeal to the UK's Court of Appeal which, last month, ruled in favour of Sportech, before refusing HMRC permission to appeal on this ruling to the Supreme Court.
Sportech said on Monday HMRC has now applied directly through the Supreme Court.
Sportech will file a notice of objection to HMRC's application by June 13, and should hear by the autumn whether HMRC has been granted the right to appeal.
Sportech shares were down 5.5% to 69.9 pence early Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
SPO.L