4 May 2016 10:25
4 May 2016
Sportech PLC ("Sportech" or "the Group")
Successful outcome of VAT repayment claim
Sportech, one of the world's leading operators and suppliers of pool and tote betting services, is pleased to announce that the Court of Appeal Judges have ruled unanimously in favour of Sportech in the Group's appeal case relating to a £97m VAT repayment claim on the "Spot the Ball" game.
Her Majesty's Revenue and Customs ("HMRC") has been given until 13 May 2016 to apply to the Court of Appeal for permission to appeal to the Supreme Court.
The Group will provide shareholders with any further updates in due course.
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
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 claim was originally scheduled to be heard in November 2015, but the hearing was delayed due to a lack of judicial availability. The hearing took place on 8 April 2016.
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