24th May 2016 11:38
LONDON (Alliance News) - The Court of Appeal has refused HM Revenue & Customs permission to appeal its decision, Sportech PLC said on Tuesday, less than a month after the Court of Appeal ruled in Sportech's favour over a GBP97 million repayment claim.
In 2009, the gaming company 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, and later took the case to a tribunal which initially found in its favour and said it was owed GBP95.0 million including simple interest.
However, HMRC, which had paid the company GBP93.0 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 was granted in January 2015. The hearing was originally scheduled to be heard in November 2015, but was delayed until 2016 due to a "lack of judicial availability".
Earlier this month, HMRC said it was seeking permission to appeal, but on Tuesday Sportech said it had been denied that permission. HMRC now has the option of applying directly to the Supreme Court for permission to appeal against the decision of the Court of Appeal and has until June 17 to make such application, Sportech said.
Shares in Sportech were up 15% at 82.00 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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