Rank Recieves Huge Tax Rebate!
16th December, 2009
The Rank Group Plc (owners of Mecca Bingo) has been awarded a huge £25.9m tax rebate making shares for the company rise from 2.45p to 80.55p!
The company took on the tax man back in 2008, asking for a tribunal to evaluate whether or not they had a case.
The tribunal ruled in Rank’s favour, backing the claim that the company had overpaid VAT on amusement machines throughout 2002 until 2005. The company is expecting to receive payments during the first quarter of 2010.
The news follows an interim ruling in August 2008 that the VAT treatment of amusement machines contravened complicated European Union laws.
The tribunal made a separate judgment in June 2008 also ruling in Rank’s favour on the application of VAT to bingo.
Both of the judgments on bingo and amusement machines have been appealed by Her Majesty’s Revenue and Customer and the Court of Appeal is scheduled for April 2010.
By Faye
