24 May 2016 12:27
24 May 2016
Sportech PLC ("Sportech" or "the Group")
VAT £97m reclaim update - Court of Appeal refuses permission to appeal
Sportech is pleased to announce that the Court of Appeal has refused Her Majesty's Revenue & Customs ("HMRC") permission to appeal to the Supreme Court against the Court of Appeal's unanimous judgment in favour of Sportech.
HMRC now has the option of applying directly to the Supreme Court for permission to appeal against the decision of the Court of Appeal and has until 17th June 2016 to make such application.
The Group will provide shareholders with any further updates in due course.
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 hearing took place on 8 April 2016, following which on 4 May 2016 the Court of Appeal judges found unanimously in favour of Sportech. On 13 May 2016, HMRC sought permission from the Court of Appeal to appeal to the Supreme Court.
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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
sportech@brunswickgroup.com
Investec Bank PLC 020 7597 5970
Patrick Robb
Peel Hunt LLP 020 7418 8900
Dan Webster