26 Jun 2014 09:20
26 June 2014
Sportech PLC ("Sportech")
Update on VAT Claim
Sportech is still awaiting the outcome of the appeal case relating to the VAT repayment claim on the "Spot the Ball" game held at the Upper Tribunal's Tax and Chancery Chamber ("UT") at the end of April 2014. Sportech had previously announced that the claim including simple interest was for £95 million, but, with the passing of time, the total value of the claim is now anticipated to be closer to £96 million.
Following judgment in favour of Sportech by the First Tier Tribunal's Tax Chamber in March 2013, Sportech can confirm that Her Majesty's Revenue & Customs ("HMRC") has now paid Sportech £93 million, with the remaining £3 million to be paid to Sportech in the event of a successful final determination. This is pursuant to Section 85 of the Value Added Tax Act 1994.
If HRMC's appeal to the UT is successful, these monies together with any related interest would need to be repaid by Sportech to HMRC.
Sportech will update shareholders with further information as it becomes available.
- ends -
For further information, please contact:
Sportech PLC 020 7268 2400
Ian R Penrose, Chief Executive
Cliff Baty, Chief Financial Officer
Investec Bank Ltd 020 7597 5970
Patrick Robb
Henry Reast
Brunswick Group LLP 020 7404 5959
Mike Smith and Tom Williams
sportech@brunswickgroup.com