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Rank Group has received £74.8m from HM Revenue & Customs (HMRC) in a refund of overpaid VAT, and expects a further £79.5m in interest soon.
The repayment, which covers VAT paid on bingo operations between 1973 and 1996, follows tribunal and High Court rulings in Rank’s favour. However, HMRC is to appeal the case to the European Court of Justice, with a hearing likely to take place this year. If it is successful, Rank would have to make payments back to HMRC.
The case arose when Rank contended that HMRC’s policy on VAT for bingo and gaming machines was inconsistent and thus contravened the European Union’s principle of fiscal neutrality, which requires that supplies of similar goods or services should be treated the same way.
Meanwhile, Rank has reported a jump in profits of nearly 30 percent for 2010, to reach £48.9m. All its businesses grew, the company said, most notably Grosvenor Casinos. Mecca Bingo saw revenue edge upward slightly, by 0.6 percent to £234.5m, but tax increases meant that operating profit at Mecca fell eight percent.
