Rank Group to get £77.5m refund from HMRC
Rank Group
71.00p
16:40 18/04/24
0.00%
0.00p
Casino operator Rank Group said on Monday that it will get a £77.5m refund after reaching an agreement with HMRC on its claim for a refund of VAT paid on slot machine income between April 2006 and January 2013.
FTSE 250
19,450.67
17:14 18/04/24
n/a
n/a
FTSE 350
4,334.00
17:14 18/04/24
n/a
n/a
FTSE All-Share
4,290.02
16:54 18/04/24
n/a
n/a
Travel & Leisure
7,512.73
17:14 18/04/24
1.11%
82.65
The refund should be received "shortly," it said, adding that interest is also due on the claim. This is expected to be around £5.5m and both amounts will be subject to corporation tax at 19%.
The owner of Mecca Bingo and Grosvenor Casinos said it plans to use the proceeds to strengthen its balance sheet and to fund "continued investment in its transformation programme".