- More
Chancellor has cold comfort for racing on business rates
Trainers' representatives will continue to work with advisers over business rates after chancellor of the exchequer Philip Hammond's Budget on Wednesday appeared to offer little in the way of relief from the big increases many will face from April.
As a result of the latest revaluation many stables face hefty rates rises, with the basic rateable value of yards across Newmarket set to soar by 53 per cent, although the National Trainers Federation and Philip Hobbs recently won a test case over all-weather gallops that should benefit a number of trainers.
"We will continue working with our adviser Christopher Marriott to question the published rateable values on yards from April 1. In particular, there may be an opportunity to apply reductions to reflect the recent judgement on all weather gallops."
Racecourses are also being hit by the revaluation, with Arena Racing Company tracks facing a near 50 per cent increase in costs.
Racecourse Association chief executive Stephen Atkin said most of his members were being represented by one of two firms in overtures to the Valuation Office Agency.
Betting and gaming taxes were left untouched by the Budget. However there was a blow for the self-employed, including jockeys, as their national insurance contributions are set to rise from nine per cent to ten per cent in April 2018 and again to 11 per cent in April 2019.
Published on inNews
Last updated
- Join Racing Post Members' Club for the very best in racing journalism - including Patrick Mullins' unmissable trip to see Gordon Elliott
- Join the same team as Ryan Moore, Harry Cobden and other top jockeys with 50% off Racing Post Members' Club
- Racing Post Members' Club: 50% off your first three months
- 'It’s really exciting we can connect Wentworth's story to Stubbs' - last chance to catch master painter's homecoming
- The jumps season is getting into full swing - and now is the perfect time to join Racing Post Members' Club with 50% off
- Join Racing Post Members' Club for the very best in racing journalism - including Patrick Mullins' unmissable trip to see Gordon Elliott
- Join the same team as Ryan Moore, Harry Cobden and other top jockeys with 50% off Racing Post Members' Club
- Racing Post Members' Club: 50% off your first three months
- 'It’s really exciting we can connect Wentworth's story to Stubbs' - last chance to catch master painter's homecoming
- The jumps season is getting into full swing - and now is the perfect time to join Racing Post Members' Club with 50% off