1 Apr 2009 07:00
Sportech PLC
Submission of claim to Her Majesty's Revenue & Customs ("HMRC")
for repayment of overpaid VAT
Sportech PLC ("the Company") announces that yesterday, Tuesday 31 March 2009, it submitted a claim to HMRC for the repayment of VAT overpaid in respect of the "Spot The Ball" game which was offered in the period from 1979 to 1996.
This claim is for an amount in excess of £40 million ("the principal sum"), which if successful, will be repayable to the Company by HMRC. Sportech contends that the VAT was paid in error and is repayable.
Interest may also be added to the principal sum claimed, if applicable.
The Company can give no guarantees as to the successful outcome of this claim, and has been advised that it may take a number of years to reach a final decision.
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Further information, please contact:
Ian Penrose, Chief Executive Tel: 020 7268 2400
Sportech PLC
Steve Cunliffe, Finance Director
Sportech PLC Tel: 020 7268 2400
David Rydell/Emma Kent
Bell Pottinger Financial Tel: 020 7861 3232