Tribunal rules in favour of Sportech

Shares in Sportech rose by a fifth on Friday after a tribunal found in its favour on a VAT-related dispute relating to its 'Spot the Ball' game for the period 1979-1996.

Shares in Sportech rose by a fifth on Friday after a tribunal found in its favour on a VAT-related dispute relating to its 'Spot the Ball' game for the period 1979-1996.

The decision by the First-tier Tribunal's Tax Chamber means that the group is set to receive more than £40m in overpaid tax in addition to simple interest which is expected to more than double the total sum receivable to more than £80m.

"The group will update shareholders as soon as it is advised of HMRC's intentions," it said, adding that it will "continue to take appropriate legal and professional advice on the group's position, and advise shareholders accordingly of the proposed course of action in the event that HMRC decides to appeal".

The share price rose 21.21% to 110p by 10:42.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
The FTSE 100 is set for a makeover with an influx of new tech stocks
UK stockmarkets

The FTSE 100 is set for a makeover with an influx of new tech stocks

The FTSE 100 – the dullest index in the world – is about to reinvent itself as a host of new firms list on the market. The change is long overdue, say…
24 Jan 2021
Inflation is the easiest way out of this – just don’t expect politicians to admit it
Inflation

Inflation is the easiest way out of this – just don’t expect politicians to admit it

The UK government borrowed £34.1bn in December, a record amount for that month. Britain's debt pile now amounts to 100% of GDP. How are we going to pa…
22 Jan 2021