16th Sep 2014 13:55
LONDON (Alliance News) - Sportech PLC Tuesday said a ruling has gone against it in Her Majesty's Revenue & Customs' appeal case relating to a VAT repayment claim on the company's 'Spot the Ball' game, meaning it stands to repay a GBP93.0 million gain to the UK tax authority.
The ruling, made by the Upper Tribunal (Tax and Chancery Chamber), follows the initial ruling last year of the First-tier Tribunal in Sportech's favour, and the GBP93.0 million payment by HMRC to Sportech in June 2014.
Sportech said it has been given until October 15 from the date of the written decision to decide whether to seek permission to appeal. It is yet to make a decision.
"Following this judgment, Sportech is required to repay the money received to HMRC in due course. The gain recognised in the 2014 interim financial statements will be reversed," Sportech said in a statement.
Sportech shares were Tuesday quoted down 22% at 60.00 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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