The governance of the British Horseracing Authority (BHA) has stated that the snap UK General Election will not delay the introduction of UK racing’s central funding levy system.
Last week Nick Rust Chief Executive of the BHA, confirmed that the Levy system had been approved by the European Commission, clearing a final hurdle for racing stakeholders.
“With the final, outstanding approval now secured from the European Commission, it marks one of the last few steps in the process of securing a fair return from all betting on our sport,” commented Nick Rust
Having been approved by the EC as a fair taxation practice, the new levy system will be forwarded to the UK Department for Culture, Media and Sport (DCMS) to sign into law.
Once processed, the UK government will confirm to the betting industry the official date in which the levy becomes effective, with racing governance detailing that provisions will be passed by H1 2017.
The central levy system will tax a 10% levy charge on UK racing gross profits from remote operator markets, which will be applied to all bookmakers that generate £500,000 in racing bets.
UK racing stakeholders expect the ‘Levy 2017’ to generate approximately an extra £30-40 million for the sports funding.