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Mecca Bingo owner Rank Group’s shares rise after win in VAT battle with HMRC
Shares in Mecca Bingo and Grosvenor Casino owner Rank Group jumped today on the news it’s likely to secure an £80m tax rebate from HMRC.
The long-running tax spat looks likely to conclude with the gambling firm nabbing a rebate of up to £80m from a VAT claim after HMRC chaose not to appeal against an earlier decision in favour of the FTSE-listed firm.
Shares are up nearly four per cent to 179p in afternoon trading.
In June a judge ruled that June that gambling companies such as Rank Group shouldn’t have had to pay VAT on certain slot machine takings between 2005 and 2013.