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Sportech shares plummet as HMRC succeeds in VAT appeal

17th September 2014 6:53 am GMT

Shares in London-listed operator Sportech fell by more than 24 per cent in London Tuesday after the UK tax authority, Her Majesty’s Revenue and Customs (HMRC), successfully appealed against the decision to award the company £93m in a VAT repayment claim.

The Upper Tribunal of the Tax and Chancery Chamber yesterday ruled in favour of HMRC's appeal, overturning a decision made by the First-tier Tribunal to award Sportech £93m in March last year.

The sum was awarded [...]

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