British horse racing faces potential ruin, contend campaigners, due to Labour's proposed "Racing Tax"
The British Horseracing Authority (BHA) and a coalition of supporters are rallying under the banner #AxeTheRacingTax, urging the Government to reconsider a proposed tax change that could have significant consequences for the industry.
The Labour Government is planning to align the tax rate on horse race betting with that of online casinos, increasing the rate from 15% to 21%. This proposed tax hike, according to campaigners, would be devastating for the 85,000 jobs the sport supports, and cost British racing at least £66 million per year and £330 million over five years.
The Great British PAC, which includes the BHA, Arena Racing, and leaders and stakeholders in the British horseracing industry, such as the CEO Brant Dunshea, as well as organizations like the Countryside Alliance, have joined the sector's leaders in protesting the proposed tax reform. They argue that the tax increase would affect all 59 racecourses in Great Britain, with particular concern for smaller venues and the rural economies they sustain.
The PAC's statement did not directly address the Government's proposed plan as a "misguided tax raid that will harm livelihoods and hollow out a proud British tradition." However, they did urge the Government to back British racing, not break it.
Racing is the second most attended spectator sport in the UK and contributes over £4 billion to the national economy. However, in the past two years, betting turnover has dropped by 25% due to stricter affordability checks that have driven punters to unregulated markets.
The campaign website for #AxeTheRacingTax can be found at www.axetheracingtax.com, and a public petition has been launched urging the Government to abandon the policy, which can be signed at change.org/p/axetheracingtax-back-british-horseracing.
The spokesperson for the PAC emphasised that British racing is not just about major events like the Grand National or Royal Ascot, but also about everyday people in everyday towns. They encourage the public to support British horseracing and learn more about the British Horseracing Authority's (BHA) role at BritishHorseracing.com.
The Government has yet to respond to the campaign's concerns, but the fight to #AxeTheRacingTax continues.
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