Supreme Court rules in favour of HMRC in Rank Group VAT appeal

8th Jul 2015 10:39

Rank Group said the Supreme Court has decided in favour of HM Revenue & Customs regarding claims for overpaid VAT on certain types of amusement machines between 2002 and 2005.Following a Court of Appeal ruling against the gaming business in October 2013, Rank repaid £25.2m of the £30.7m received in connection with these claims to HMRC and fully provided for the remainder, the company said.As a result, the decision has no impact on Rank's financial performance or balance sheet strength in the current or future periods.Rank will announce its results for the year to 30 June 2015 on 20 August.At 10:48, Rank shares were down 1.8% at 224.20p.