Gambling Firms Receive VAT Refunds Of Over £500 million

VAT refunds from FOBTs

Following last year’s decision by the high court case on tax refund for UK bookmakers being over-taxed on their fixed odds betting terminals (FOBTs) all operators have been confirmed that they have been repaid by Revenues & Customs.

According to official documents gained by the Mail Newspaper it shows that William Hill has received a refund of £208 million, Entain that operates both Coral and Ladbrokes betting shops receives £217.5 million, Paddy Power owned by Entain has been refunded £15.9 million, Betfred received £97.7 million and Rank Group who operate Grosvenor Casinos and Mecca Bingo got back £80 million.

It started back when both Betfred and Rank Group launched an appeal in the Tax Tribunal stating that FOBTs were classed the same a roulette wheels and should not be charged VAT on takings to 2013 till 2018 when curbs on the amount gambled saw stakes plummet to now £2.

For some like Rank Group who have suffered greatly during the COVID-19 pandemic the return of the VAT is a welcome source of revenue given the past 18 months.