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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.
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