Rank has risen to the top of the FTSE 250 after it received a tax rebate worth a total of £154m including interest.
The bingo and casino group said it was paid £74.8m by Her Majesty's Revenue and Customs in overpaid VAT, plus £79.5m in interest. The repayment covers VAT paid on bingo between 1973 and 1996.
It follows a series of court rulings over the issue which all came down in Rank's favour. However the tax man never gives up, and HMRC has appealed the rulings. It will now go to the European Court of Justice. Rank said if it lost the appeal, expected to be heard this year, it would make the appropriate repayments.
For the moment though, the market likes the news. Rank shares are up 18.1p at 147.6p.
