Government reaches decision on Horserace Betting Levy
Culture Secretary Jeremy Hunt sets terms of the scheme for 2011-12.
皇冠体育app headline rate of the 50th Horserace Betting Levy will increase from 10 to 10.75 per cent, the Government has announced today.
皇冠体育app threshold level under which betting shops pay a reduced rate of levy will also come down from 拢88,740 to 拢50,000.
皇冠体育app annual scheme is a levy on the profits of bookmakers from betting on British horse racing and goes towards funding racing through areas such as prize money, integrity services, veterinary science, training initiatives and breeding programmes.
皇冠体育app Government was by the end of October last year.
said: 鈥淚t is really disappointing that two important industries have been unable to come to a sensible commercial agreement.聽 I have tried to be fair by listening to the advice of the Independent members of the and I will continue to be guided by their advice in future years until what should be a straightforward commercial negotiation can be taken permanently out of the hands of Ministers. 鈥�
皇冠体育app increased rate will apply to telephone and internet betting operators as well as Licensed Betting Offices. 皇冠体育appre will be no change to the scheme in relation to foreign racing.