Sportech £80m VAT claim decision delayed

Sportech £80m VAT claim decision delayed

Tuesday, January 29, 2013

Sportech will have to wait longer for the outcome of its HM Revenue & Customs VAT claim after being informed that a decision will be given next month, rather than the end of January as previously expected. The Walton-based horse racing and football pools giant lodged its appeal relating to VAT paid on its ‘Spot the Ball’ game for the period from 1979 to 1996, which could involve repayment of tax worth £40m, rising to around £80m with simple interest applied.

In the meantime, the company published a trading update for the year to December 31 today which revealed good performances from its US venues and racing operations and its football pools business.

It said this counteracted a “slightly disappointing” performance in its e-Gaming division, due to brand changes and system migrations which are being addressed.

Sportech said its balance sheet remains robust and “continues to benefit from strong cash flow generation”.

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