THE RACE IS ON TO 'AXE THE TAX'

HISTORIC INDUSTRY IN CRISIS

- By Chris Riches

THOUSANDS of jobs in the UK's horse racing industry could be at risk with Rachel Reeves looking to impose a "devastating" new tax on the Sport of Kings.

The second-most attended sport in Britain that began 500 years ago supports 85,000 jobs, many in rural areas, with more than 10,000 people working with horses in more than 500 training yards and 660 stud farms.

It generates £4.1billion annually for the UK economy and £300million a year in taxation, as well as a 10% levy from racing profits returned back into the industry to fund prize money, training programmes and equine welfare.

Currently there are separate taxes for online bookies, depending whether punters are having a flutter on real-life horseracing (15%) or playing virtual casino games such as roulette or poker (21%).

Now the Treasury is consulting on a new “one size fits all” tax that will merge the two types of betting and at a higher rate - as the Government endeavours to fill the public finances black hole.

The British Horseracing Authority fears a rise to 21% would slash racing’s income by £66million as bookies reduce their promotion of the sport while a rise to 40% would see a £160million industry hit.

The Jockey Club operates 15 racecourses including Aintree and Cheltenham the National Stud in Newmarket and training centres in Newmarket, Epsom and Lambourn. It also runs the Racing Welfare charity, helping those working in the sport.

The Jockey Club’s CEO Jim Mullen has told the Sunday Express he fears the Chancellor’s tax grab on this centuries-old industry could devastate rural Britain.

He explained: "Britain can be justifiably proud of its racing industry, which is rich in history and heritage, world-leading in its standards of equine welfare and thoroughbred breeding and a vital contributor to towns, villages and communities up and down the UK through jobs and tourism.