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The Bookmakers’ Committee and the Horserace Betting Levy Board have reached an agreement covering the next financial year that will see the UK horseracing industry receive an estimated £72.4 million from bookmakers.
The two parties finalised their deal covering the 51st Horserace Betting Levy on Monday just in advance of a midnight deadline that would have seen Jeremy Hunt, Secretary of State for the Department for Culture, Olympics, Media and Sport, forced to step in for a second consecutive year in order to decide how much off-course bookmakers should contribute towards the sport.
The Horserace Betting Levy Board was established in 1961 and is responsible for collecting a statutory duty, the Horserace Betting Levy, from off-course bookmakers that is put towards supporting the sport and its infrastructure. This tax is based on a percentage of the gross profits from bookmakers’ horserace betting business with its 51st edition set to run from April of next year until March 31, 2013.
SOURCE - READ ENTIRE ARTICLE HERE
The two parties finalised their deal covering the 51st Horserace Betting Levy on Monday just in advance of a midnight deadline that would have seen Jeremy Hunt, Secretary of State for the Department for Culture, Olympics, Media and Sport, forced to step in for a second consecutive year in order to decide how much off-course bookmakers should contribute towards the sport.
The Horserace Betting Levy Board was established in 1961 and is responsible for collecting a statutory duty, the Horserace Betting Levy, from off-course bookmakers that is put towards supporting the sport and its infrastructure. This tax is based on a percentage of the gross profits from bookmakers’ horserace betting business with its 51st edition set to run from April of next year until March 31, 2013.
SOURCE - READ ENTIRE ARTICLE HERE