Consultation to move ahead on replacement of Levy with Racing Right
HM Treasury Chancellor George Osborne, in the 2014 Autumn Statement delivered today (Wednesday), said the UK Government will proceed with a further consultation process early in 2015 on replacing the Horserace Betting Levy with a Racing Right.
The Horserace Betting Levy has proven to be a controversial topic as some offshore remote gambling operators take advantage of a loophole which the British Horseracing Association (BHA) says costs the British Racing Industry over GBP 20 million annually.
The Department for Culture, Media and Sport (DCMS) held two consultation processes this year relating to the Horserace Betting Levy, the first on the technicalities of extending the Levy to offshore remote operators and the second on reforming or replacing the Levy with a statutory framework between Racing and Betting.
Steve Harman, Chairman of the British Horseracing Authority, welcomed the statement saying: "This is extremely positive news for British Racing, and all those connected with the sport.
"We have a landmark opportunity to secure a modern, fair and sustainable funding mechanism, and generate future growth and more jobs in our industry, greater returns to our participants and a new partnership with the Betting industry."
British Racing supports the replacement of the Levy with Racing Rights which would allow it to authorise all betting activity on the sport in return for a financial contribution from betting operators which it says would be allocated towards administration, integrity and future development.
The full text of the 2014 Autumn Statement, and accompanying documentation, can be found at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382327/44695_Accessible.pdf
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