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Best of the Best collects on £4.5m claim
AIM-quoted competitions organiser Best of the Best has received £4.5m from Her Majesty's Revenue and Customs as a result of a 2016 decision by the Supreme Court in favour of online gambling and entertainment business Sportech.
The Supreme Court refused HMRC permission to appeal the court's decision regarding a VAT repayment claim on Sportech's 'Spot the Ball' game on 8 December 2016, resulting in a successful VAT reclaim by the betting technology firm.
BOTB, which had previously submitted a protective claim in 2013 to recover overpaid VAT, then submitted a top-up claim, which, combined with the original amount totalled £4.5m, to HMRC to recover taxes paid over an eight-year period on the game.
However, BOTB noted that it still needs to determine the net positive contribution to the company as professional fees, expenses and taxes remained outstanding and would need to be deducted from the figure.
Elsewhere, HMRC informed BOTB that the company was liable to pay retrospective Remote Gaming Duty for a period of four years. BOTB has sought legal and tax advice and will contest HMRC's claim.
As of 1000 BST, BOTB shares had shot up 15.23% to 280p.