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  from HMRC in May 2010.

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