4th Feb 2015 08:42
LONDON (Alliance News) - Sportech PLC on Wednesday said the Court of Appeal has set a hearing date for the company's appeal against the VAT repayment claim on its "Spot the Ball" game.
The hearing has been set for November 2 and will take one to one-and-a-half days, Sportech said.
On January 13, Sportech was 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.
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. 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.
Shares in Sportech were untraded on Wednesday, having last traded at 63.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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