LONDON (Alliance News) - Gaming company Sportech PLC on Wednesday said the UK Court of Appeal has ruled in favour of its appeal case relating to the GBP97 million VAT repayment claim on its 'Spot the Ball' game.
Sportech had in 2009 asked HM Revenue & Customs to repay more than GBP40 million in VAT that the company claimed it had overpaid on its Spot the Ball game between 1979 and 1996, and later took the case to a tribunal which initially found in its favour and said it was owed GBP95.0 million including simple interest.
However, HMRC, which had paid the company GBP93.0 million, then successfully appealed with an upper tribunal in September 2014, and Sportech was required to repay the money to the tax man.
Sportech then sought leave to appeal to the UK's Court of Appeal, which was granted in January 2015. The hearing was originally scheduled to be heard in November 2015, but was delayed until 2016 due to a "lack of judicial availability".
On Wednesday, Sportech said HMRC has been given until May 13 to apply for permission to appeal to the Supreme Court.
Shares in Sportech were trading up 6.4% at 67.00 pence on Wednesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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