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The Rank Group has recently received a refund from Her Majesty's Revenue and Customs (HMRC) to the sum of £74.8m in overpaid VAT. This reimbursement relates to VAT on bingo between 1973 to 1996 and here will be a further payment of £79.5m in interest associated with this claim.

Following on form the successful ruling in Rank's favour in the First-tier Tribunal's tax chamber and also the High Court. There has been an appeal lodged by HMRC which ill be looked at by the European Court of Justice. This is expected to happen at some point this year but there's no definitive date as yet. If HMRC succeeds in its appeal, Rank will have to repay them most likely in instalments.

The actual claim relates to the application of VAT to bingo revenue made by Rank's many businesses some of which appears to be erratic. Rank believe that this inconsistency betrayed the European Union's principle of fiscal neutrality. The principle of fiscal neutrality expects that supplies are the same or similar and should be treated the same for VAT purposes which the European Court of Justice confirmed in 2005. It was in 2009 when the High Court accepted that HMRC had gone against this principle therefore accepting Rank's claim.