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BHA launched a campaign against horse racing tax
The British Horseracing Authority (BHA) launched an urgent campaign – “Axe the Racing Tax” – against the Government’s proposed tax changes on horserace betting.
The “Axe the Racing Tax” campaign was unveiled this week to oppose Treasury plans to align horse race betting tax with other online casino-style games. The proposals are under consultation till July 21.
The current horse race betting tax is 15%, while the online gambling tax is 21%. The Treasury seeks to bring the horse racing tax rate up, which threatens the very existence of Britain’s second most popular sport.
Economic analysis authorized by the BHA counts an immediate loss of £66 million to the sport, should the 21% rate be adopted. Higher rates would create even greater damage: a £97 million loss at 25%, £126 million at 30%, and £160 million at 40%.
Brant Dunshea, Acting Chief Executive of the BHA, shared:
“The Government’s consultation on harmonising online betting duties, if followed through, poses one of the gravest risks to racing the sport has ever seen.
This will punch a huge hole in racing’s finances, risk thousands of jobs across Britain and threaten the future of the country’s second most-popular sport and a cherished national institution.”
BHA puts pressure on the Government to commit to a full review of affordability checks, which are currently being navigated by the Gambling Commission. The checks have become a target for criticism among racing stakeholders, who claim that the customers will drive away from regulated channels, which will damage the engagement with the sport.
BHA describes the tax harmonization, affordability checks, and lack of a long-term funding framework form as a “triple threat” to the sport’s future.
Brant Dunshea added:
“From now until the Budget, we will be hammering home a very simple message to MPs, Peers and the Government on behalf of millions of racing fans.
It’s time for the Government to back British racing and axe the racing tax.”
Treasury Minister James Murray MP has acknowledged industry concerns and pledged to work with the racing sector to avoid “unintended consequences” and explore mitigation options should changes proceed.
The BHA stands by its message to Westminster to “back British racing – axe the racing tax and rethink affordability.”
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