The British Horseracing Authority has called on the public to sign a petition urging the Government to “Axe The Racing Tax” and save the sport from a £330m hit.
It comes as the BHA publishes independent research which estimates that the proposed tax increase would cost racing £66m a year and instantly jeopardise almost 3,000 jobs.
It follows a Government consultation on proposals to tax bets on racing at 21 per cent – the same rate as online casinos – effective from later this year.
That tax hike would cost racing £330m over five years, according to the research commissioned by the BHA and carried out by Development Economics.
“This latest tax bombshell from the Government, if followed through, poses one of the gravest risks to horseracing the sport has ever seen,” said BHA CEO Brant Dunshea.
“The horseracing industry is already in a precarious financial position, and the latest research provides a much more catastrophic forecast than we first thought.
“Together as an entire industry, we’re asking the British public for support in calling on the Government to rethink this policy and stop undermining a much-loved part of British heritage and culture. It’s time to axe the racing tax and back British horseracing.”
Racing bets tax rise would risk ecosystem
The Axe The Racing Tax petition launch comes ahead of Glorious Goodwood, one of UK racing’s most popular meets, which starts on Tuesday.
Racing is the second best-attended sport in Britain, with 5m people watching the sport live annually, and contributes £4.1bn to the economy.
“This move from the Government would put thousands of trainers, owners, jockeys and stable staff at risk,” said trainer David Menuisier.
“Racing is much more than just a sport in this country. It brings fun and excitement to millions and is a major local employer, particularly here in West Sussex as we prepare for another fantastic year at Goodwood.
“The Government needs to acknowledge the unique and significant social and economic contributions the horseracing industry makes to the country and stop risking the ecosystem that keeps this sport alive.”