Rank Group to get £77.5m refund from HMRC
By Michele Maatouk
Date: Monday 22 Nov 2021
(Sharecast News) - 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.
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".
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