Last checked at 6 Dec 2011 16:41
6 December 2011
HM Revenue & Customs confirms Rank's bingo claims
The Rank Group Plc ('Rank' or 'the Group') notes today's announcement from HM Revenue & Customs' ('HMRC') confirming that the Group's claims for overpaid VAT on bingo (for which Rank has received £253m) will not be contested further. This confirms Rank's analysis of the European Court of Justice's decision on the Group's bingo claims, which was announced on 10 November 2011.
HMRC's announcement goes on to say that it will continue to contest Rank's claim for overpaid VAT on gaming machines (for which Rank has so far received £30.8m). Rank anticipates that the next stage of this litigation will be heard in the UK courts in the first half of 2012.
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Further information
The Rank Group Plc
Philip Munn, investor relations 01628 504149
FTI Consulting
Marc Cohen 020 7831 3113
Notes
1) Rank Group's claims
Rank group has submitted several claims against HMRC pursuant to this litigation. The details of these claims can be found in Rank's half year results. To view previous announcements concerning Rank's VAT claims please visit www.rank.com/investors.news.jsp
2) Fiscal neutrality
The European Union's law of fiscal neutrality requires that supplies of services that are the same or similar should be not be treated differently for VAT purposes. This position was confirmed in the European Court of Justice case Finanzamt v Linneweber (2005).
3) About The Rank Group Plc The Rank Group Plc is a leading European gaming and betting business, based in the UK and listed on the London Stock Exchange (RNK.L). Its principal activities are the operation of bingo clubs and casinos with complementary interactive gaming and bookmaking services.