Rank Group to get £77.5m refund from HMRC
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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.
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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".