30th Oct 2013 11:12
LONDON (Alliance News) - Rank Group PLC Wednesday said it will appeal to the Supreme Court after the Court of Appeal overturned a ruling that prompted the UK tax man to pay the company GBP30.8 million in disputed Value Added Tax in 2010.
HM Revenue and Customs paid Rank the money for what the company claimed were VAT overpayments on certain types of amusement machines between 2002 and 2005 after the European Court of Justice ruled that taxing similar games differently broke fiscal rules.
The Court of Appeal has now overturned that decision, meaning Rank may have to pay the money back to the government.
"Rank has applied for leave to appeal to the Supreme Court in connection with these claims," it said.
Rank Group shares were down 2.7% at 146 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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