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Rank's VAT claims upheld by High Court

LONDON
Mon Jun 8, 2009 5:36am EDT

LONDON (Reuters) - Bingo hall and casino operator Rank Group said on Monday the High Court had upheld its reimbursement of value added tax (VAT) overpaid on games of interval bingo and gaming machines.

Rank received 59.1 million pounds in overpaid VAT from Her Majesty's Revenue and Customs (HMRC) last November following a VAT and Duties Tribunal ruling in May 2008, which was subsequently appealed by the HMRC.

The High Court has supported the original ruling that the inconsistent application of VAT to interval bingo and gaming machines contravened the European Union's principle of fiscal neutrality.

Rank said its additional claim for 26 million pounds of VAT paid on gaming machines between 2002 and 2005 had also been upheld by both the Tribunal and the High Court.

The tribunal is scheduled to reconvene during October to rule on outstanding considerations.

HMRC has until June 29 to appeal against the High Court's rulings. Shares in Rank had risen 0.4 percent to 63.75 pence at 10:20 a.m. British time.

($1=.6293 Pound)

(Reporting by Matt Scuffham)


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