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Concerns Mount Over Future of UK Horse Racing
There's growing concern among a cross-party parliamentary group that proposed new gambling policies could have a disastrous effect on British horse racing.
The government are considering tax reforms that would see a single-tier system brought in for online gambling - which in turn would likely take profits away from horse racing in the UK.
What's Changing - And Why It Matters
Back in April, the Treasury launched a consultation process to bring the taxation of all online gambling under one rate - called the 'Remote Betting and Gaming Duty'.
Currently, there is a three-tier system with betting companies paying different tax rates split between General Betting Duty (GBD), Pool Betting Duty (PBD) and Remote Gaming Duty (RGD).
Tax rates for both GBD and PBD are currently set at 15 per cent while Remote Gaming Duty on casino games such as roulette is set at 21 per cent of gross profits.
Under the new tax proposals, the government would look to merge into a single levy across all online gambling sectors
There is also an uncertain future of the Horserace Betting Levy - a special tax on bookmakers that is distributed back into the sport.
The proposed tax changes and fears of the levy being scrapped altogether has led to huge backlash from the All Party Parliamentary Group (APPG) For Racing and Bloodstock, who feel the changes could have a devastating impact on British horse racing.
The APPG claim that the prospect of a new single-tier tax system would cost 'operators for online horserace betting over £40million annually' and threaten job losses.
According to a House of Common Library report, horse racing contributes more than £4billion a year to the economy and supports more than 85,000 jobs.
The government are looking to bring in a single levy across all online gambling sectors
A recent report from the APPG has called on the government to ring-fence funding for horse racing in the UK.
Their report read: "This damaging cocktail will put at risk a major part of the heritage and social fabric of dozens of these towns and rural communities.
"To avoid this, horserace betting should continue to be taxed at a separate, lower rate than online gaming products. The government should rethink plans to introduce a single, flat-rate tax structure or, if it proceeds, grant an exemption to horseracing that recognises its economic, social and cultural value, and the reality that it is inherently less harmful."
Brant Dunshea, the British Horseracing Authority CEO, said: "The sport is a cherished national institution, loved by people across every part of society, across every type of community, across every political party.
"It is time that the government recognised that passion across the country for our sport and developed policies that supported it, allowed it to survive and thrive instead of risking its future."
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