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A Huge and Welcomed Boost

The rumors have been circulating for months now and Rank was cautiously optimistic – but now all of that has actually come to fruition with the announcement that Rank plc officially is set to receive back five and a half years of VAT taxes that the company apparently overpaid throughout that time period. Rank is a land and online casino gambling group with very varied interests in the gambling industry. And while the company has actually been doing quite well in the recent months (with strong interest from foreign investors) shareholders and the company’s budget are surely thankful for the boost.

And while it would seem that the ongoing drama over the overpaid VAT taxes should be over at this point now that the results have come in, the land and online casino gambling group has a few more hoops to jump through before the money is given over free and clear. Namely, the decision to refund Rank plc the more than five years of overpaid VAT taxes has been appealed by Her Majesty’s Revenue and Customs. The current schedule indicates that the appeal should be decided upon in the coming months and a firm decision will be handed down in early 2009.

Rank has already warned the online casino gambling industry through that even if the money is refunded back to the company, Rank then has to pay gross profits tax, and other expenses on the money – that means that the refunded money does not simply go, in whole, into Rank’s coffers.