8th Jul 2015 09:56
LONDON (Alliance News) - The Rank Group PLC on Wednesday said the UK Supreme Court has ruled in favour of HM Revenue & Customs in regards to a refund of value-added tax that HMRC had demanded Rank pay back.
The bingo club and casino operator received GBP30.7 million from HMRC after claiming that it paid too much VAT in relation to certain types of amusement machines between 2002 and 2005.
However, in 2013, the Court of Appeal ruled that it must repay the money back to HMRC. Rank Group repaid GBP25.2 million in 2014 and fully provided for the remainder, it said.
As a results, Rank said the decision has no impact on its financial performance or balance sheet strength in the current or future periods.
Rank Group will announce its full-year results on August 20.
Shares in Rank Group were trading down 1.6% at 224.60 pence Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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