11 Apr 2016 09:21
11 April 2016
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 £97m VAT repayment claim on the "Spot the Ball" game was heard by the Court of Appeal on 8 April 2016.
The Group has been advised to expect a decision from the Court of Appeal within three months. Shareholders will be updated as soon as more information is available.
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 Claim was originally scheduled to be heard in November 2015, but the hearing was delayed due to a lack of judicial availability.
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For further information, please contact:
Sportech PLC 020 7268 2400
Ian Penrose, Chief Executive
Luisa Wright, Group General Counsel
Brunswick Group LLP 020 7404 5959
Mike Smith
Stuart Donnelly
sportech@brunswickgroup.com
Investec Bank PLC 020 7597 5970
Patrick Robb
Peel Hunt LLP 020 7418 8900
Dan Webster