Nov. 10 (Bloomberg) -- Rank Group Plc, the second-largest U.K. casino owner, said it received 59.1 million pounds ($93 million) in overpaid sales tax from the British government.

The company won't recognize the repayment in its 2008 results and will use the funds to cut debt, according to a Regulatory News Service statement. Rank said the U.K. tax authority is appealing the tribunal ruling in May that said some types of bingo were unfairly taxed, and it may have to repay the funds with interest if that appeal is successful.

Rank shares rose 3.5 pence, or 5.5 percent, to 66.75 pence at 9:53 a.m. in London.

To contact the reporter on this story: Keith Campbell at k.campbell@bloomberg.net.

Last Updated: November 10, 2008 04:54 EST