Rank hits jackpot with £59 million tax repayment

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After years and years of arguing with the Inland Revenue it has been revealed that Rank Group has received just over £59 million in the form of a tax rebate after a ruling that some forms of bingo were unfairly taxed in the past. However, this is not the end of the saga with news that the UK government is set to appeal the ruling in an attempt to reclaim the massive payout.

If the UK government is successful in its appeal than Rank Group will be made to repay the £59 million as well as interest on the funds. As consequences of the appeal the company will not recognise the payment in its 2008 results preferring instead to wait until the situation has been totally resolved.

This useful cash injection comes at time when the group has been struggling although recently there have been signs of a around with both the casino and Mecca Bingo operations on the up and Rank Group starting to regain the standing it had in the bingo community some years ago. Many online bingo players will be rubbing their hands with glee in the hope that Rank will divert some of its Christmas bonus to the online bingo prize pot for Mecca Bingo!

We can but dream................

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