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Poker.co.uk - Poker News Archive

Tuesday 20th November 2007

Bookies call for scrapping of racing tax

Two British bookies have spoken up saying the ten per cent horse racing levy should be scrapped.

Although the levy has been in place for the past 46 years, Ladbrokes and Gala Coral have now called for a modernisation of the system.

Chris Bell, Ladbrokes chief executive said: "Our view is that it is an outdated mechanism that has to go. If racing wants a commercial world, let's have one."

Neil Goulden, chief executive of Gala Coral, said the levy is "an anachronism". He asserted: "I think it needs to be phased out, because the bookmakers and racing need each other, but in today's world it's a nonsense."

Last year, the tax generated £85 million for the horse racing industry, but a row broke out over its renewal due to the new Turf TV service.

Bookmakers say signing up to the exclusive service would cost them £50 million a year and have asked for it to be deducted from their levy payment.

David Thorpe, chairman of the Racecourse Association said: "We've been through a pretty thorough inquiry, supported by the government and Lord Donoughue, to establish that the levy was the most appropriate form of funding. I think many of us would like to see a commercial replacement but we haven't found it yet."

Now culture secretary James Purnell will have to decide the future of the levy payments.

Source: Direct News

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