(Sharecast News) - Casino operator Rank Group said on Monday that it will get a £77.5m refund after reaching an agreement with HMRC on its claim for a refund of VAT paid on slot machine income between April 2006 and January 2013.
The refund should be received "shortly," it said, adding that interest is also due on the claim. This is expected to be around £5.5m and both amounts will be subject to corporation tax at 19%.
The owner of Mecca Bingo and Grosvenor Casinos said it plans to use the proceeds to strengthen its balance sheet and to fund "continued investment in its transformation programme".
Rank (RNK)18 Apr 2024 10:32
Rank Group net gaming revenue rises in third quarter and year-to-date
(Alliance News) - Rank Group PLC on Thursday said trading in its financial third quarter was in line with expectations, while noting that business con...