Update on VAT Claim

RNS Number : 5475K

Sportech PLC

26 June 2014

 



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.

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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

[e-mail]

 

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