One of Britain’s biggest bingo promoters has scooped a £59.1 MILLION payout from the taxman.
The money is VAT which Rank Group plc argued it overpaid on interval games at its Mecca Bingo Halls.
The company says it will use the cash to reduce its borrowings.
That’s because Rank bosses fear the Inland Revenue might win its appeal against the tribunal ruling in May which led to the payout.
If so, Rank may have to repay the £59 million PLUS interest.
The legal battle centres on VAT charged on bingo games played during the half-way interval.
Some of these are taxed and some are not — depending on the size of the payouts.
Rank argued that all the games were essentially the same and under EU rules should all be taxed the same.