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20m ago

British Horse Racing Shuts Down Wednesday Over Proposed Online Betting Tax Hike

The shutdown is a lobbying push against a Treasury plan to lift remote racing duty to 21% under a single-rate system.

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Bookmaker Geoff Banks told AFP bookies on and off course have been suffering and big firms are itching to move off shore if the tax rise goes ahead
British racing authorities hope their historic decision to strike will persuade the government to backtrack on its plans to raise online betting tax
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Overview

  • The Treasury is consulting on harmonising remote gambling taxes, a move that could raise duty on racing bets from 15% to 21%, with decisions expected in the Nov. 26 Autumn Budget.
  • Industry modelling commissioned by the BHA projects a £330 million hit over five years and about 2,700 jobs at risk as bookmakers pass on higher costs.
  • All four fixtures scheduled for Sept. 10 at Lingfield, Carlisle, Uttoxeter and Kempton have been rescheduled as owners, trainers and jockeys convene in Westminster for the ‘Axe the Racing Tax’ campaign.
  • The government says it aims to simplify the system and is assessing impacts, while stating it has no plans to change the on-course betting exemption.
  • The blank day is estimated to cost roughly £200,000, with racing leaders warning that higher duties would squeeze levy receipts, media-rights income and local employment.