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Rank insures against possible VAT repayment to HRMC

27th September 2010 8:29 am GMT

Rank Group plc said Monday that it will pay £4.5m as insurance to cap its contingent tax liabilities in the event that the European Court of Justice backs an appeal by Her Majesty's Revenue & Customs (HMRC) in respect of the £59.1m of VAT refunded to Rank in 2008.

Rank received £59.1 million in overpaid VAT from HMRC after the company successfully claimed that the inconsistent application of VAT to games of interval bingo contravened the [...]

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