Sportech set for ?97m windfall after VAT claim win
Long-running saga dating back to 2009 finally ends in Sportech's favour
Sportech has won its long-running dispute with Her Majesty’s Revenue and Customs (HMRC) over a VAT refund worth almost ?100m.
The operator and supplier of pool and tote betting services said this morning that the Court of Appeal Judges ruled unanimously in favour of Sportech in the firm’s appeal case relating to a ?97m VAT repayment claim on the ‘Spot the Ball’ game.
HMRC now has until 13 May 2016 to apply to the Court of Appeal for permission to appeal to the Supreme Court.
The claim, which relates to a competition operated by its subsidiary Littlewoods between 1979 and 1996, was first filed in 2009.
Sportech won the right to appeal against the ruling in January 2015, having previously pledged to fight the decision which had wiped 25% off its share price when announced.
The firm was initially awarded a ?93m repayment in June 2014 after its claim was initially rejected in December 2010.
Sportech’s share price was up 14p to 77p at the time of writing.