Horse racing chiefs have welcomed the Chancellor’s decision to afford it an exemption from major increases in gambling taxes announced in today’s Budget.
While tax on remote gaming will jump to 40 per cent from April and remote sports betting from 15 to 25 per cent in 2027, duty on horse racing wagers has been held at 15 per cent.
“Today’s welcome outcome demonstrates that the Chancellor has listened to our concerns and rightly recognised that racing is a unique national asset – culturally, socially and economically – and we welcome this support,” said British Horseracing Authority boss Brant Dunshea.
“Racing has been part of the British way of life for hundreds of years. It binds our communities together in shared experience, it brings joy to millions. It puts the country on the world stage. It is right that the Government has understood this and acted accordingly.”
It follows a concerted campaign by the sport’s UK stakeholders in recent months, which warned Rachel Reeves that any hike in tax on racing bets would lead to course closures and job losses.
“All stakeholders within our sport were united on the damage that would have been caused should a tax increase be levied,” said Racecourse Association chief executive David Armstrong.
“For racecourses, we are pleased that the vital socio-economic importance of these venues to communities across Great Britain have been acknowledged.”
Both the BHA and RCA pledged to work with bookmakers, who had said that racing would likely feel the pinch in the event of any increase to betting taxes whatsoever.
Community sports clubs may be forced to close
Grassroots sport campaigners warned that clubs could be forced to close due to changes to business rates and the failure of Reeves to listen to pleas for a carve-out.
“We are disappointed that the Chancellor has not heeded our call for sport and recreation premises to be exempt from the RHL multiplier,” said Sport and Recreation Alliance CEO Lisa Wainwright.
“We are concerned this will add further cost to sport and recreation facilities at a time when margins are already tight. This is something we have consistently raised with Government in the lead up to today’s announcement.”
“We are also concerned about the potential impact of new higher property valuations on bills for smaller grassroot sport and recreation clubs and facilities. Higher bills threaten clubs’ viability and could reduce access to sport and recreation.”
The SRA told City AM this week that increasing bills in the Budget could reduce opportunities for young people at community level, potentially depriving Britain of future sports stars.