21 Dec 2010 12:07
Sportech Plc ("the Company")
Update in respect of claim for the repayment of VAT
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.
The Company has today received the anticipated formal notice from HMRC advising that the claim has been rejected. Under HMRC guidelines, the Company has 30 days from this notice to formally lodge an appeal to the independent First Tier Tax Tribunal. The Company continues to consult with its advisors but fully intends to lodge such an appeal, and will update the market at such time as the appeal is lodged.
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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