Auto Amazon Links: No products found. Blocked by captcha.
British horse racing is set to make history by going on strike on 10 September to protest against the proposed tax increase on betting in the sport by the Government. This unprecedented move is part of the industry-wide Axe The Racing Tax campaign, which has prompted the British Horseracing Authority to reschedule four fixtures at Lingfield Park, Carlisle, Uttoxeter, and Kempton Park. This marks the first time in modern history that the sport has voluntarily opted not to race.
The BHA is vehemently opposed to the Treasury’s plan to introduce a single remote gambling tax, which would elevate the current 15% tax rate paid by bookmakers on racing to align with the 21% tax rate on online gaming. The governing body foresees a detrimental impact on the industry, estimating a potential loss of £330m in revenue and endangering 2,752 jobs in the first year alone. Chancellor of the exchequer Rachel Reeves is expected to announce tax increases in the autumn budget.
Brant Dunshea, chief executive at the BHA, has expressed concerns that the proposed tax adjustments could jeopardize the future of horse racing. The strike comes at a critical juncture right before the commencement of the four-day St Leger festival at Doncaster Racecourse. The BHA stresses the economic significance of the horseracing industry, which amounts to £4.1 billion in the UK economy and sustains 85,000 jobs.
Amidst the rescheduling of the affected fixtures, industry leaders are urging the Government to reconsider the implications of the proposed tax hike. Jim Mullen, CEO of The Jockey Club, emphasizes the cultural and economic value of horseracing, calling for a moment of reflection to comprehend the potential damage to a sport that holds significant importance to communities across the UK and beyond. The hope is that through contemplation, the Government will recognize the importance of protecting a sport that serves as a source of national pride
Read the full article from The BBC here: Read More
Auto Amazon Links: No products found. Blocked by captcha.