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UK Government To Reform Horseracing Levy

by Jason Gorringe, Tax-News.com, London

24 January 2017


Bookmakers will be required to pay a 10 percent Horserace Betting Levy on profits from UK wagers on races taking place in the UK, Sports Minister Tracey Crouch has said.

The Government said the move will ensure equal treatment of domestic and offshore bookmakers, and will raise funds for the domestic sport and the equine industry.

Under the current Horserace Betting Levy system, offshore online betting businesses that take bets on British racing are under no statutory obligation to contribute to horseracing, although some make voluntary contributions.

"This move will help secure the future of horseracing in Britain by making sure that gambling firms pay a fair return to support the sport," said Sports Minister Tracey Crouch.

The change will be introduced in April 2017 subject to state aid approval from the EU. It would apply to profits exceeding GBP500,000 (USD615,200).

The Sports Minister will review the rate set within seven years of the legislation coming into force.

TAGS: tax | business | United Kingdom | offshore | gambling | legislation | Sports

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