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STOCKS FOCUS: RANK GROUP
0 Comments | Sunday Herald, The, May 25, 2008 | by JOHN PHELPS
MECCA bingo and Grosvenor casinos operator Rank Group is in line for a GBP36 million VAT rebate after winning a legal dispute with the taxman.
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Rank convinced the VAT and Duties Tribunal that the practice by HM Revenue & Customs (HMRC) of charging VAT on interval bingo games was against European law. The decision could lead other bingo operators to lodge claims. The gaming industry has struggled with the impact of the smoking ban and scrapping of high-jackpot machines in last year's Gambling Act. Shares closed at 86p.
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