2 May 2014 16:19
2 May 2014
Sportech PLC ("Sportech" or "the Group")
Update - VAT repayment claim
Sportech, one of the world's leading pool betting organisations, can confirm that the appeal case relating to a £95m VAT repayment claim on the "Spot the Ball" game was heard by the Upper Tribunal on 29 April, 30 April and 2 May.
This follows the announcement on 13 June 2013 that Her Majesty's Revenue & Customs ("HMRC") was granted permission to appeal to the Upper Tribunal against the decision of the First Tier Tax Tribunal ("FTT").
The claim, for approximately £95m including simple interest, was successfully determined in the Group's favour by the FTT in March 2013. The claim has not been recognised in the Group's latest financial statements.
The Group has been advised to expect a decision from the Upper Tribunal later this summer. Shareholders will be updated as soon as more information is available.
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For further information, please contact:
Sportech PLC 020 7268 2400
Ian Penrose, Chief Executive
Cliff Baty, Chief Financial Officer
Brunswick Group LLP 020 7404 5959
Mike Smith, Tom Williams sportech@brunswickgroup.com