VAT ruling delivers £80m payout for Rank Group
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Rank Group has hit the jackpot after securing a VAT refund of more than £80 million on slot machine takings.
The Grosvenor Casinos and Mecca Bingo operator said that it had reached agreement with HM Revenue & Customs on a rebate of £77.5 million, which it expects to receive shortly. Rank said that interest was also due on the claim, expected to amount to £5.5 million. However, both amounts will be subject to corporation tax.
Rank which made its name as a film producer, is majority-owned by Quek Leng Chan, 79, the Malaysian billionaire tycoon. It has 52 Grosvenor Casinos, 72 Mecca Bingo halls and ten Enracha venues, plus digital operations.
The VAT claim, which Rank took to the First-tier Tribunal Tax Chamber in
