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Prices & Quotes - UK Markets - Rank Group (RNK)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 153.20p
Change Today:
-4.20p
Market Cap:
717.59m
Sector:
Travel & Leisure

Rank Group set for windfall as HMRC backs down on VAT case

By Frank Prenesti

Date: Wednesday 25 Aug 2021

LONDON (ShareCast) - (Sharecast News) - Bingo hall and casino operator Rank Group said UK tax authorities have decided not to appeal against a tribunal ruling over value added tax on slot machines.
Rank said the first-tier tribunal had agreed a 60-day extension to allow Revenue and Customs (HMRC) and Rank to agree the exact size of the claim, with the gambling firm still expecting to receive around 80m.

Pubs, arcades and betting firms are set to receive billions in tax refunds after they were unfairly charged VAT by the government on some of their gambling machines.

Judges last month ruled in favour of Rank, which owns Mecca Bingo and Grosvenor Casinos.

The judgment found that gambling and betting companies should not have paid VAT on a wide range of slot machines between 2005 and 2013, because they were similar in nature to VAT-exempt gambling devices such as casino roulette wheels and games found on online gambling sites.

It follows a verdict handed down in April last year in favour of the gambling firm Betfred, which found that owners of a different gambling device called fixed-odds betting terminals (FOBTs) - a machine nicknamed the "crack cocaine of gambling" by critics - were due a tax windfall for the same reason.

HMRC did not appeal against the FOBT judgment at the upper tribunal.

There are about 35,000 FOBT machines in Britain, and approximately 190,000 slot machines of all types. The gambling industry in the UK is now worth about 14.3bn a year compared with 8.4bn in 2011, according to the Gambling Commission.

The industry's growth is lucrative for the Treasury with betting companies paying 2.8bn in tax in 2020-21.

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Rank Group Market Data

Currency UK Pounds
Price 153.20p
Change Today -4.20p
52 Week High 207.00p
52 Week Low 123.00p
Volume 323,794
Shares Issued 468.40m
Market Cap 717.59m

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What The Brokers Say

Strong Buy 3
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
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Rank Group Dividends

  Latest Previous
  Interim Final
Ex-Div 13-Feb-20 19-Sep-19
Paid 13-Mar-20 29-Oct-19
Amount 2.80p 5.50p

Trades for 21-Jan-2022

Time Volume / Share Price
16:35 37,089 @ 153.20p
16:29 38 @ 151.80p
16:29 32 @ 151.80p
16:29 32 @ 151.80p
16:22 14 @ 153.00p

Rank Group Key Personnel

Chair Alex Thursby
CEO John O'Reilly