Rank plc Battles Her Majesty

The online casino group, Rank plc has recently received a big boos in their numbers because of Her Majesty’s Revenue and Customs. The total of revenue that was added to their books this week was GBP 59.1 million. The reason why they were able to get this much money in one week is because the money was not income, but instead it was a refund from VAT money that was over paid to the British government over the last five and a half years. Yes, that is a lot of money that was overpaid to the government. The exact dates of over payment in VAT were from January 2003 all the way until June 2008. The money was returned to Rank plc after a careful investigation performed by Her Majesty’s Revenue and Customs committee.

We will have to wait and see how this online casino’s business turns out. They may have to pay some of that money back with interest because the net income may be offset by the gross profits. The people over at rank are preparing to appear in front of the High Court sometime in early 2009.This is all as a result of Her Majesty’s Revenue and Customs filing an appeal. Online casinos get taxed in Great Britain, except for it is not called taxes, it is called VAT. Rank’s website contains a lot of Bingo games, they are classified under Mecca Bingo clubs. According to the Tribunal, the Rank website has not paid VAT since July of 2008.