6th Nov 2014 13:25
LONDON (Alliance News) - Sportech PLC Thursday confirmed it intends to submit to the Court of Appeal an application for permission to appeal and notice of appeal over the VAT repayment claim that went against it in favour of UK tax authorities in September.
Sportech said it has until December 2 to do so.
In a statement, Sportech said the move follows the decision of the Upper Tribunal (Tax and Chancery Chamber) to refuse the application for permission.
"In refusing such permission, the judge, who ruled against Sportech in relation to this matter in September, commented that the Court of Appeal should be invited to consider whether to hear the appeal," Sportech said in a statement.
The dispute arose in relation to the online sports gaming and entertainment company's 'Spot the Ball' game.
The VAT repayment claim was determined in the group's favour by the First-Tier Tax Tribunal in March last year, but HM Revenue & Customs appealed the decision to the Upper Tribunal, which ruled in favour of the tax authority in September, meaning Sportech stands to repay a GBP93.0 million tax credit.
Sportech shares were up 0.9% at 57.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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