Treasury working with UK horseracing sector, as it looks into reforming gambling tax

The Treasury is working with the British horseracing sector to consult on new plans concerning online gambling taxes, as it aims to identify the “unintended consequences” in its plans.

On Tuesday (July 1), the topic was debated in the House of Commons in the UK with the new plan suggesting the existing three-tax structure of online gambling duties should be replaced with a Remote Betting and Gaming Duty.

If this is to be decided on and approved, it would put the gambling tax on horseracing at the same rate as online casino and slot games.

“I and my officials are working closely with the horseracing sector to identify any unintended consequences and possible mitigations.” – James Murray, the Exchequer Secretary to the Treasury

James Murray, the Exchequer Secretary to the Treasury, explained the position: “We very much recognise the social and cultural value of horseracing, which is why on-course betting is exempt from duty, and horseracing is the only sport to receive a Government mandated levy.

“We are consulting on measures to simplify gambling duty and improve compliance. No decision will be made on rates before the Budget, and we are working with the horseracing sector to identify unintended consequences and mitigations.”

UK government gambling tax proposals, which would concern horseracing, are in early stages

A consultation into the matter is open, with the member of parliament suggesting that anyone who is interested in contribution should make their views known.

“I and my officials are working closely with the horseracing sector to identify any unintended consequences and possible mitigations,” Murray told the house.

When asked how the assessment of implementation would happen, he replied: “One of the principles behind the reforms that we are looking to make to the gambling duty is to tackle issues of compliance by simplifying the system.”

The government is working on a series of gambling reforms, with other members of parliament sharing the importance of the horseracing sector in the UK within the discussion.

According to Sally Jameson MP, the horseracing industry brings 85,000 jobs to the country nationally and is the second largest spectator sport in the country too. She went on to ask whether it would be identified that this is different from online casinos and games of chance.

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