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On Wednesday, British horse racing will come to a halt in protest against the proposed tax increase on betting in the sport by the government. The British Horseracing Authority has rescheduled four meetings citing potential revenue loss amounting to millions and thousands of job losses as a result of the tax hike. This move is unprecedented in the history of racing, sparking questions on the implications, events of the day, and the lead-up to this decision.
The rescheduled fixtures for Wednesday include Lingfield Park, Carlisle, Uttoxeter, and Kempton Park which have been moved to different dates. British racing will witness a rare blank day amidst a busy calendar, typically only seen during the Christmas period. Leading figures from the racing industry will converge at Westminster to meet MPs on the day when no racing will take place across the country. The strike coincides with the St Leger meeting at Doncaster and marks a significant moment in modern racing history.
The proposed government changes target aligning online betting duties into a single rate, which would raise the tax rate on bookmakers for racing to 21%. The Treasury’s budget announcement on 26 November could reveal the potential tax increases, prompting responses from racing representatives. However, the Exchequer Secretary to the Treasury has dismissed speculation on tax rises but emphasized collaboration with the industry to understand the impacts of the proposed changes on horse racing.
The effects of increased taxes on the racing industry could lead to a reduction in promotional activities, sponsorship, customer incentives, and deteriorating odds. Concerns have been raised regarding the impact on betting turnover and the welfare of the sport as a whole. While there are contrasting views on the strike action, it aims to shed light on the importance of sustainable funding for British racing, highlighting potential risks associated with tax rises in the industry
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