The UK Supreme Court has unanimously dismissed an appeal from Rank Group and ruled in favour of HM Revenue & Customs (HMRC) regarding claims for overpaid VAT on certain types of amusement machines between 2002 and 2005.
Rank received £30.7m from HMRC in May 2010 in compensation for overpaid VAT on certain types of Section 31 and 34 gaming machines in its Mecca Bingo clubs and Grosvenor Casinos, after the UK’s VAT and Duties Tribunal issued an interim decision in favour of the operator in August 2008.
The appeal against the awarding of the £30.7m was successfully disputed by HMRC following a Court of Appeal ruling against Rank in October 2013. This prompted the operator to launch an appeal with the Supreme Court.
In a statement Wednesday, Rank confirmed that it had already repaid £25.2m of the £30.7m received in connection with these claims to HMRC in May 2014 and had fully provided for the remainder.
“As a consequence, the decision has no impact on Rank's financial performance or balance sheet strength in the current or future periods,” the operator said.
Today’s Supreme Court ruling can be read in full here.