11 Jan 2011 16:16
Sportech Plc ("the Company")
Update in respect of claim for the repayment of VAT
Following the announcement on 21 December 2010 in respect of the above claim, the Company can today confirm that it has formally lodged an appeal to the independent First Tier Tax Tribunal. The Company will update the market when it has further information as to the timing of the appeal hearing.
-ends -
Notes:
On the 01 April 2009, the Company announced that it had submitted a claim to Her Majesty's Revenue & Customs ("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. The 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, which, if applicable, would more than double the principal sum claimed.
On the 21 December 2010, the Company received the anticipated formal notice from HMRC advising that the claim had been rejected.
Further Information, please contact:
Steve Cunliffe, Finance Director Tel: 020 7268 2400
Sportech Plc
David Rydell / Rosanne Perry Tel: 020 7861 3232
Pelham Bell Pottinger