Best of the Best PLC Update on VAT Claim (9240O)
May 23 2018 - 2:00AM
UK Regulatory
TIDMBOTB
RNS Number : 9240O
Best of the Best PLC
23 May 2018
Best of the Best plc
("Best of the Best", "BOTB" or "the Company")
Update on VAT Claim
Best of the Best PLC, (LSE: BOTB) the organiser of weekly
competitions to win luxury cars and other products wishes to make
the following update on its VAT claim.
As previously announced, BOTB had noted the VAT decision given
by the Supreme Court in favour of Sportech PLC on 8 December 2016,
where the Supreme Court refused Her Majesty's Revenue & Customs
("HMRC") permission to appeal the Court of Appeal's decision
regarding the VAT repayment claim on Sportech's "Spot the Ball"
game. This resulted in a successful VAT reclaim by Sportech.
BOTB had submitted a protective claim in 2013 to recover
overpaid VAT. Following the Supreme Court decision in December
2016, and after taking further specialist legal and tax advice,
BOTB submitted a top-up claim, which, combined with the original
claim totalled GBP4.5m (exclusive of professional fees, expenses
and tax) to HMRC to recover VAT paid over an eight year period on
its own "Spot the Ball" game, as announced on 13 December 2017.
BOTB is now pleased to announce that HMRC has paid BOTB the
GBP4.5m claim in full. However, the Board still needs to determine
the net positive contribution to the Company as, in addition to the
points made below, certain professional fees, expenses and taxes
remain outstanding and will be deducted from this figure.
HMRC has informed BOTB that it considers the Company liable to
pay retrospective Remote Gaming Duty ("RGD") for a period of four
years. The Company has sought legal and tax advice on this issue
and, in line with that advice, the Company is contesting HMRC's
claim. RGD is the duty regime the Company registered for in
December 2017.
While the question of retrospective RGD remains unresolved with
HMRC, the Company is unable to announce the full extent of the net
positive contribution to the Company, following the payment of its
GBP4.5m VAT claim from HMRC.
The Board will inform shareholders about material developments
and any resolution of this outstanding issue at the relevant
time.
Enquiries:
Best of the William Hindmarch, T: 020 7371
Best Chief Executive 8866
KTZ Communications Kate Tzouliadis T: 020 3178
6378
finnCap Ltd Corporate Finance and T: 020 7886
(Nominated Adviser ECM 2500
& Broker) Carl Holmes
Alice Lane
Anthony Adams
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END
STREALSAASAPEFF
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