GVC expects to receive 200 of the 1 billion that the UK Treasury must return to terminal operators FOBT
Of the £ 1 billion that the British Government must return to gaming operators with FOBT terminals in their salons, as they were taxed at a higher VAT than what Justice has declared was fair, GVC is perhaps going to be the company that more money receives. The global gaming giant hopes to regain around £ 200m.
GVC Holdings, the prestigious online and face-to-face gaming operator, has already been informed by the UK tax authority, ("HMRC"), that it has already made the decision not to appeal the decision of the High Court (Chamber of Taxes and Chancery) in the case of Betfred and Rank Group against the application of VAT to gaming machines and betting terminals with fixed fees (FOTB) in the gaming and betting rooms of the country.
Rank's dispute related to what was understood to be unequal treatment in the VAT payment of games of chance carried out using these gaming machines before December 5, 2005, while Betfred's dispute related to the tax treatment of Gaming supplies through Fixed Odds Betting Terminals ("FOBT") during the period prior to January 31, 2013.
GVC now understands that it will be eligible for a refund of the historical VAT paid incorrectly on the gaming machine earnings of its own Ladbrokes betting shops in the period from October 1, 2002 to January 31, 2013. The Group It estimates that this will generate a cash inflow to the Group of approximately £ 200 million.
How could it be otherwise, the operator has received the news with significant increases in the stock market in the last two days, going from 745 pence per share on Monday to 811 with which it closed the session yesterday.
Source: GVC
