13 May 2016 15:55
13 May 2016
Sportech PLC ("Sportech" or "the Group")
Update - Outcome of VAT repayment claim
Following the announcement on 4 May 2016 that the Court of Appeal found 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 & Customs ("HMRC") has informed Sportech that it has asked the Court of Appeal for permission to appeal to the Supreme Court against the decision.
Sportech has been advised that it should expect to hear whether HMRC have been granted the right to appeal by the Court of Appeal within the next two weeks.
The Group will provide shareholders with any further updates in due course.
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 hearing took place on 8 April 2016, following which on 4 May 2016 the Court of Appeal judges found unanimously in favour of Sportech.
- ends -
For further information, please contact:
Sportech PLC 020 7268 2400
Ian R Penrose, Chief Executive
Luisa Wright, Group General Counsel
Brunswick Group LLP 020 7404 5959
Mike Smith and Stuart Donnelly
sportech@brunswickgroup.com
Investec Bank PLC 020 7597 5970
Patrick Robb
Peel Hunt LLP 020 7418 8900
Dan Webster