The 47th Horserace Betting Levy scheme will be set at the same rate as the previous Levy scheme, Minister for Sport Gerry Sutcliffe announced this week.
This means that most off-course bookmakers will continue to pay 10% of their gross profits on horserace betting towards the upkeep of racing.
The Horserace Betting Levy Board expect to collect between GBP90m and GBP100m from bookmakers in 2007/08 (the 46th Levy scheme). The 47th Levy scheme should lead to a similar total next year, subject to market conditions.
Mr Sutcliffe explained that:
"Despite thorough consideration I have not been wholly persuaded by the submissions of either the Bookmakers' Committee or the British Horseracing Authority, nor have I been able to reconcile their starkly contrasting approaches."
"It is therefore my decision on this occasion to revert to the 46th Levy scheme, being the last occasion on which all parties achieved consensus, and to direct that this be rolled over into 2008/09."
He continued: "The determination concluded, I wish to add that it is a matter of serious regret to the Government that we have again found ourselves in the position of having to make a determination when it would clearly have been more appropriate for the betting and racing industries to have agreed a suitable settlement between themselves."
"We have repeatedly encouraged the two industries to develop a modern relationship as business partners and move away from an adversarial approach. Representatives of both sides now need to proceed to detailed commercial negotiations without delay."
"To this end I am convening a meeting, under the auspices of the All-Party Racing and Bloodstock Industries Group, to initiate the discussions on a wide range of issues."
This decision was referred to the Department for Culture, Media and Sport because representatives of bookmakers and the racing industry were not able to agree on a suitable level.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment