British horse racing community voices concern over Labour's proposed 'Racing Tax,' claiming potential devastating impacts
In a bid to safeguard the future of British horseracing, the #AxeTheRacingTax campaign has recently launched a public petition urging the Government to reconsider its proposed policy change. Supporters can sign the petition at change.org/p/axetheracingtax-back-british-horseracing.
At present, bets placed on horseracing online are taxed at 15%, while online gaming such as digital slot machines face a 21% rate. The Treasury's proposed reforms aim to consolidate these into a single Remote Betting and Gaming Duty, thereby increasing the tax on horseracing betting to the higher 21% rate.
Campaigners, including the British Horseracing Authority (BHA) and a growing coalition of supporters, argue that this measure would cost British racing at least £66 million per year. This financial blow, they say, would be devastating for the 85,000 jobs the sport supports.
The ramifications of the tax hike would affect all 59 racecourses in Great Britain, with particular concern for smaller venues and rural economies they sustain. The Great British PAC, an organisation encouraging public support for British racing, has urged the Government to reconsider this decision.
The spokesperson for the PAC emphasized the importance of British racing to everyday people and towns. They pointed out that horseracing attracts millions of fans each year and contributes over £4 billion to the national economy.
The BHA's website, britishhorseracing.com, provides more information about the campaign and the impact of the proposed tax hike. The BHA also highlights that Britain's racing sector receives the lowest percentage of betting income of any major racing nation.
The #AxeTheRacingTax campaign's website, www.axetheracingtax.com, offers a platform for supporters to voice their concerns and take action. The Labour Government is proposing to align the tax rate on horse race betting with that of online casinos, a move that the campaign argues could lead to the loss of 85,000 jobs in the sport.
The spokesperson of the Great British PAC, who chose to remain anonymous, called on the government to avert the tax reform. They emphasized that British racing is a vital part of the country's cultural and economic landscape, and urged the Government to back British racing, not break it.
