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Rank shares dip as HMRC seeks to reclaim VAT repayments

27th January 2014 9:06 am GMT

UK-listed gaming operator Rank Group saw its share price fall by more than 7 per cent Friday after HM Revenue and Customs (HMRC) said it would seek to recover certain value-added tax (VAT) repayments made to the company.

The HMRC repayment claim concerns VAT payments on gaming machines takings between 1998 and 2005, which were found to be in breach of EU fiscal neutrality rules. This led to Rank Group successfully reclaiming £30.8m in overpaid VAT  [...]

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