Pools and sports betting operator Sportech has been hit with the news that it must repay £93 million (€117 million/$151.6 million) after a successful VAT appeal by Her Majesty’s Revenue & Customers (HMRC).
The UK’s Upper Tribunal Tax and Chancery Chamber has ruled in favour of HMRC in a case relating to a VAT repayment on the ‘Spot the Ball’ game.
Last year, the First-tier Tribunal ruled in favour of Sportech and the operator received a payment from HMRC of £93 million in June of this year.
Sportech now has until October 15 from the date of the written decision to decide whether to seek permission to appeal.
Following this judgment, Sportech will have to repay the full amount to HMRC in due course.
As a result, the gain recognised in the 2014 interim financial statement will be reversed.
source : www.igamingbusiness.com