| Rank Shoots Ahead After £154 Million Tax Jackpot |
| Written by Mark Bennett |
| Wednesday, 23 March 2011 11:53 |
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The gaming giant has been repaid £74.8 million in tax for the period of 1973 to 1996 by HM Revenue & Customs following a long legal dispute. It is now due a further £79.5 million in interest later this month. Shares in Rank have shot up 14% yesterday and are again up today as the company announced the news. Previously the company had implied that it expected around £65 million plus interest as a result of the refund. Rank has already received £112.3 million from HMRC in reference to other claims after an extensive court battle. HMRC have lodged an appeal which is due to be heard by the European Court of Justice. While experts believe that HMRC is unlikely to be successful in its appeal if the European Court of Justice was to side with HMRC, then Rank would have to pay this amount back in full.
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