13th Jan 2015 09:03
LONDON (Alliance News) - Sportech PLC Tuesday said it has been granted permission to appeal to the Court of Appeal in relation to the VAT repayment claim on its "Spot the Ball" game, part of an ongoing battle the company is having with the UK tax authorities over a claims worth more than GBP90 million.
In a short statement, Sportech said the hearing is expected to take place later this year, and it will update shareholders once the date is confirmed.
Sportech had in 2009 asked HM Revenue & Customs 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, and 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 of last year, and the company was required to repay the money to the tax man. Sportech then sought leave to appeal to the UK's Court of Appeal, a move that has now been granted by the appeal court itself, ensuring the battle is set to continue for a while longer.
Sportech shares were up nearly 2.0% at 64.25 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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