Successful outcome of VAT repayment claim

RNS Number : 2067X

Sportech PLC

04 May 2016

 

4 May 2016

Sportech PLC ("Sportech" or "the Group")

Successful outcome of VAT repayment claim

Sportech, one of the world's leading operators and suppliers of pool and tote betting services, is pleased to announce that the Court of Appeal Judges have ruled unanimously in favour of Sportech in the Group's appeal case relating to a £97m VAT repayment claim on the "Spot the Ball" game.

Her Majesty's Revenue and Customs ("HMRC") has been given until 13 May 2016 to apply to the Court of Appeal for permission to appeal to the Supreme Court. 

The Group will provide shareholders with any further updates in due course.

For further information, please contact:

Sportech PLC                                                           020 7268 2400

Ian Penrose, Chief Executive

Luisa Wright, Group General Counsel

Brunswick Group LLP                                             020 7404 5959

Mike Smith

Stuart Donnelly

[e-mail]

Investec Bank PLC                                                  020 7597 5970

Patrick Robb

Peel Hunt LLP                                                          020 7418 8900

Dan Webster

Notes

The claim, which was first submitted in 2009, was heard by the First-tier Tribunal's Tax Chamber ("FTT") in October 2012. In March 2013, it was announced that the FTT had found in Sportech's favour.

Following the FTT's rejection of HMRC's subsequent application for leave to appeal to the Upper Tribunal (Tax and Chancery Chamber) ("UT"), HMRC then applied directly to the UT which granted such permission. The claim was heard by the UT in April and May of 2014 and it was announced in September that the UT had ruled in HMRC's favour.

In January 2015, Sportech announced that it had been granted the right to appeal to the Court of Appeal. The claim was originally scheduled to be heard in November 2015, but the hearing was delayed due to a lack of judicial availability. The hearing took place on 8 April 2016.

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