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Sportech share price slumps as HMRC seeks £93m in back taxes after Spot the Ball game debacle
Sportech is told to give HMRC £93m in back taxes after its Spot the Ball game was ruled as a game of skill not chance.
International gaming group Sportech was told yesterday that it must pay back £93m in tax after HM Revenue & Customs (HMRC) won its appeal against a VAT overpayment.
The Liverpool-based football pools-to-horse race betting group launched its claim against VAT on its Spot the Ball game five years ago, saying it was a game of chance, not skill. It was successful in its appeal last March, but HMRC contested the result in April. Sportech has been given until 15 October to decide whether to seek permission to appeal.
Shares closed down more than 24 per cent.