The simple explanation for the damaging tax proposal that stunned racing
It seems nobody expected the British government's announcement about a potential hike in online gambling tax rates, perhaps not even the government. That last statement sounds a tad confusing but it gives racing some hope. At the moment, hope is a precious commodity.
The news came on page 95 of the document that accompanied chancellor Jeremy Hunt's autumn statement. This revealed that the government will consult on proposals to tax all remote betting at the same rate. Currently, there are three rates – 15 per cent for general betting duty, which includes racing bets, 15 per cent for pool bets and 21 per cent for gaming. Conceivably the unified rate could be anything, but there is a widespread assumption that it would see betting duty increased to bring it in line with gaming.
What seems beyond doubt is this is bad news for the betting industry and for the British racing industry. Quite why, then, the proposal appeared within the section 'Backing British Business' is hard to fathom.
Read the full story
Read award-winning journalism from the best writers in racing, with exclusive news, interviews, columns, investigations, stable tours and subscriber-only emails.
Subscribe to unlock
- Racing Post digital newspaper (worth over £100 per month)
- Award-winning journalism from the best writers in racing
- Expert tips from the likes of Tom Segal and Paul Kealy
- Replays and results analysis from all UK and Irish racecourses
- Form study tools including the Pro Card and Horse Tracker
- Extensive archive of statistics covering horses, trainers, jockeys, owners, pedigree and sales data
Already a subscriber?Log in
Published on inLee Mottershead
Last updated
Copy- Racing's failure to promote Premier racedays is embarrassing - and underlines why help from bookmakers is needed
- JP McManus was right to raise the subject of transparency - and here's my solution to his worry about weights
- No-one has ever emerged from the womb wearing a trilby - racing's future survival hangs on pursuing a young audience
- Restrictions and the black market: surely the time has come for bookmakers to confront the link between them
- Plummeting betting turnover leaves British racing in a precarious state - whatever the sales numbers might suggest
- Racing's failure to promote Premier racedays is embarrassing - and underlines why help from bookmakers is needed
- JP McManus was right to raise the subject of transparency - and here's my solution to his worry about weights
- No-one has ever emerged from the womb wearing a trilby - racing's future survival hangs on pursuing a young audience
- Restrictions and the black market: surely the time has come for bookmakers to confront the link between them
- Plummeting betting turnover leaves British racing in a precarious state - whatever the sales numbers might suggest