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New Uk Horse Race Tax Rate
UK SPORTS MINISTER REVEALS NEW HORSE RACE LEVY RATE
Crouch tells industry meeting that she intends to set a rate of ten percent of gross profits for both retail and online bookmakers.
British government sports minister Tracey Crouch has revealed to a horse racing industry meeting that she intends to set a rate of 10 percent of gross profits for both retail and online bookmakers under the new levy replacement system.
The new levy system was announced by the government in March this year and is set for implementation in April next year. It is lower than the current 10.75 percent paid by High Street bookmakers, and is likely to yield around GBP 90 million for the horse racing industry, just short of the GBP 100 million it requested.
Setting a rate will enable the formal process of acquiring approval under European state aid rules to begin, say observers.
The levy has delivered declining amounts for horseracing in recent years, dropping from GBP99.3 million in 2005-6 to GBP54.5 million in 2015-16 as offshore online gambling operators absorbed more and more of the market.
Minister Crouch is due to meet racing industry representatives at the Department for Culture, Media and Sport separately on Wednesday; the industry has until November 4 this year to make final representations to government on the issue.
Gambling News :
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Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
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Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
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Sensational Sixes Slot Goes Live -
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3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
Pokerstars Pulls Out Of Coloumbia -
Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.
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