Racing needs to be carefully evaluated in the context of gambling tax revisions, according to Iain Duncan Smith.
The All Party Parliamentary Group (APPG) on Gambling Reform has launched an inquiry into the future of gambling regulation in the UK, citing growing concern for gambling harm as a public health issue. The inquiry, which was initiated in July, examines areas including gambling advertising and proposals contained in the last government's white paper such as affordability checks.
During a recent meeting of the APPG, Martin Cruddace, CEO of Arena Racing Company (Arc), spoke about the duty on betting on British racing. Cruddace made a case for the duty not to increase at the November budget, expressing concerns that a proposed tax rise could cause significant harm to British racing.
The horseracing industry requires careful consideration to protect its cultural and historical significance, a point echoed by Iain Duncan Smith, former Conservative Party leader. He called for careful consideration of horseracing in any reforms of gambling taxation.
Newbury racecourse, mindful of the potential impact from a gambling tax rise, has noted narrowing losses in the first half of the year. Similarly, the Hong Kong Jockey Club CEO has warned that a proposed tax rise could leave few smaller trainers in the industry.
The APPG has thrown its weight behind calls for a major hike in gambling taxation made by former Labour prime minister Gordon Brown. However, the group emphasizes careful consideration and special protection for the horseracing industry due to its cultural and historical importance in the UK. The APPG seeks to secure its future amidst planned tax reforms.
Last week, the APPG held an evidence session assessing the need for reform of gambling taxation. Submissions to the inquiry close on Friday.
The APPG's inquiry comes after the 'Axe the Racing Tax' campaign event in Westminster, which aimed to raise awareness about the potential negative impacts of increased gambling taxes on the horseracing industry.
As the inquiry progresses, it is expected that the APPG will provide recommendations to the UK government on the future of gambling regulation, with a focus on striking a balance between reducing gambling-related harm and protecting industries like British racing that hold significant cultural and historical value.
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