By Jonathan Salt
On 18 March 2015 Chancellor of the Exchequer, George Osborne MP, announced that the Government would bring forward legislative proposals to replace the existing statutory Horserace Betting Levy with a new Horserace Betting Right.
This announcement followed a suite of three interlinked consultation documents, the first of which was published on 26 June 2014. Two of the consultations addressed proposals on reform or replacement of the existing Levy. The final consultation, which opened on 5 February 2015, followed a commitment to review a “racing right” in the Autumn Statement and sought views on the potential structure and operation of a bespoke statutory framework that could replace the Levy.
Information on the legislative structure of the “Horserace Betting Right” is yet to be released and Helen Grant, Parliamentary Under-Secretary of State for Culture, Media and Sport, stated on 23 March 2015 that:
“No timetable has been set for introducing legislation to bring in the new Horserace Betting Right. Draft legislation will be developed following a thorough economic analysis and discussions with the Competition and Markets Authority, HMRC and others.
The Horserace Betting Right will apply to all bookmakers, wherever located, who take bets from British customers on British racing and provides a modern and sustainable future for the funding of racing.”
We will keep you updated with the latest news and announcements as this legislative programme progresses.