Business
Tribunal Accepts Rank's VAT C
Tribunal Accepts Rank's VAT C.
About this update from Rank Group Plc
[{"type":"text","content":"\n RNS Number : 0271V Rank Group PLC 22 May 2008 \n \n\n\n\n22 May 2008\n\nTribunal accepts Rank's VAT claim\n\nThe Rank Group Plc ('Rank') is pleased to note today's ruling from the VAT and Duties Tribunal that the application of Valued Added Tax ('VAT') to interval bingo in Mecca Bingo clubs is in contravention to European Union laws on fiscal neutrality.\n\nThis claim for repayment, which is worth £36.3m, was submitted to HM Revenue and Customs ('HMRC') in 2006 and relates to the fact that certain forms of interval bingo are exempt from VAT.\n\nThe European Union's law of fiscal neutrality requires that supplies of services that are the same or similar should be not be treated differently for VAT purposes. This position was confirmed in the European Court of Justice case Finanzamt v Linneweber (2005). The tribunal found that HMRC had not applied fiscal neutrality correctly to interval bingo and that therefore Rank's claim should be accepted. \n\nHMRC has until 10th July 2008 to appeal the tribunal's decision. Should it decide to appeal, it is unlikely that there will be any material benefit to Rank in the current year.\n\nEnds\n\nFurther information\n\nThe Rank Group Plc\nDan Waugh, director of investor relations 01628 504053\n\nFD\nBen Foster 020 7831 3113\n\nNotes to editors\n\nInterval bingo\n\nInterval bingo is a form of bingo played in licensed bingo clubs during intervals between sessions of main stage bingo. Interval bingo is also known as mechanised cash bingo and cashline.\n\nA copy of the VAT and Duties Tribunal's judgement is expected to be made available shortly from http://www.financeandtaxtribunals.gov.uk\n\nAbout the Rank Group\nRank is a leading European gaming business, head-quartered in the UK and listed on the London Stock Exchange (RNK.L). The Group's principal activities are: the operation of bingo clubs and casinos in the UK with complementary on-line gaming and bookmaking services. For more information about The Rank Group, visit www.rank.com.\n\n\nThis i...