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EU Approves UK Levy On Horseracing Bets

by Ulrika Lomas, Tax-news.com, Brussels

24 April 2017


The European Commission has endorsed the UK Government's introduction of a 10 percent levy on bookmakers' profits from UK wagers on horseraces taking place in the UK.

The Commission said it recognized that the measure "is essential for the improvement of horse breeding and horseracing without giving rise to undue distortions of competition."

The levy will support funding for a range of areas including prize money, integrity, equine welfare, veterinary science, and the mental and physical wellbeing of participants.

The amended Horserace Betting Levy will now apply as of April 1. It will affect bookmakers with profits in excess of a de minimis threshold of GBP500,000 (USD640,576). Under the previous system, offshore online betting businesses that took bets on British racing were under no statutory obligation to contribute to horseracing.

The Commission said that the measure "creates a level playing field among betting operators while at the same time supporting entry of new operators and the development of competition between betting operator, thanks to the de minimis threshold."

The Commission's decision will apply until the UK ceases to be a member of the EU.

TAGS: tax | business | European Commission | gambling tax | United Kingdom | tax thresholds | offshore | gambling | tax rates | tax reform | Europe

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