Mecca Bingo owner Rank Group’s shares rise after win in VAT battle with HMRC
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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.