Update - VAT £97m repayment claim

RNS Number : 2708A

Sportech PLC

06 June 2016

 

6 June 2016

Sportech PLC ("Sportech" or "the Group")

Update - VAT £97m repayment claim

It was announced on 24 May 2016 that the Court of Appeal had refused Her Majesty's Revenue & Customs ("HMRC") permission to appeal to the Supreme Court against the Court of Appeal's unanimous decision in favour of Sportech.

Sportech has been informed that HMRC has now applied directly to the Supreme Court for permission to appeal the Court of Appeal's unanimous judgment.

Sportech will file its Notice of Objection to such application by next Monday, and has been advised that it should expect to hear by the Autumn whether HMRC has been granted the right to appeal to the Supreme Court.

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. On 13 May 2016, HMRC sought permission from the Court of Appeal to appeal to the Supreme Court, which was refused.

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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

[e-mail]

Investec Bank PLC              020 7597 5970

Patrick Robb

Peel Hunt LLP                       020 7418 8900

Dan Webster

 

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