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UK Horse Racing Tax
Thursday March 6 ,2014 : HORSE RACING LEVY GRIEF AHEAD FOR UK GAMBLING OPERATORS
Heavier financial demands for British licensed operators if this amendment succeeds.
The House of Lords debate this week on the new point-of-consumption British licensing and taxation law has produced a suggested amendment that, if approved at subsequent readings, could have serious additional financial implications for companies that licence in the UK.
Pushed by Lord Gardiner, the amendment seeks to use government legislation to extend the current voluntary horse racing levy to "offshore remote operators," and envisages a 10 percent of gross (racing) profits contribution to the Horserace Betting Levy Board, raising an estimated additional GBP 20 million a year for the body.
This would be over and above the likely 15 percent secondary tax on operators wishing to access the British online punter.
The Horserace Betting Levy Board should be awash with cash this year and next following voluntary payments from major British bookies under existing agreements of an estimated GBP 80.2 million.
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