Tax changes ‘threaten future of horse racing’, warns parliamentary group

A group of deputies and peers by the government has warned that the future of the British horse race is subjected to a serious threat unless the government is reviewed urgently.

In a new report published on Sunday night, the parliamentary group for all parties (Appg) for the race and Damostok said that the joint impact of proposed tax reforms, the ability to withstand toughest costs, and an old financing model that can deal with permanent damage to one of the most prominent sports industries in the United Kingdom.

This warning comes at a time when the Treasury continues to consult it about replacing the complex betting tax system of three levels in the United Kingdom with a commitment and a distance from a distance. The consultation, which was launched in April, is closed on July 21.

Appg argues that Appg is the health of an industry that contributes more than 4 billion pounds annually to the British economy, maintains more than 85,000 jobs, and ranks only in football in terms of the popularity of spectators.

The report, which was produced with inputs of stakeholders in races and its leadership of the British Bridge (BHA) as a trust, is a warning to the possible consequences for unifying the current betting system.

Under the proposed reform, it can be replaced with a single uniform necessity, which raises fears that the race for race can become less commercially to betting, which leads to a more profitable-more risk strengthening of gambling-such as online gambling and casino games.

Appg argues that such a shift would reduce investment in horse racing, because betting companies may stumble from offering racing products or advertising.

The report also criticizes the betting tax, which is a long -term mechanism designed to ensure that part of the Betting profits in racing industry. The tax, which was last updated in 2017, is seen as insufficient compared to international standards, as countries like France and Ireland offer much greater support to the local racing sectors.

Appg has also warned that increasing the ability to afford costs – assigned to protect consumers from gambling problems – has unintended consequences for the race. The group claims that the squares in races are largely low risk, and can be discouraged through intrusive tests, with a little effect on more harmful forms than gambling.

Dan Carden, Labor Walton’s Labor Vice -president and co -chair of Appg, urged the government to take sport fears seriously.

“The message from this report is clear: the British race needs this government to be next to it. The race is part of our national story, and the enjoyment and support of it from rural societies extend to the urban working class.”

Brant Denchia, CEO of the British Employment Authority, echoed the feelings, a warning of broader Oscar social consequences.

“The cultural, social and economic value of the race is huge for towns and rural areas throughout Britain. These are those societies that will suffer from job losses, decline in society’s pride and loss of identity that will come if the race is allowed to fail.”

Anxiety in a particular time with the continuation of the Royal Ascot Festival – which is one of the leading events in sport – this week, draws attention to the horse racing role in British cultural life.

In response, a government spokesman admitted the importance of this industry, but he did not provide any guarantees that exceed the current participation process.

“We are aware of the great importance of the horse racing in the British sports calendar and the great contribution it offers to the economy every year. We have recently launched a consultation about the tax transaction of distance and actively participating with this sector, so we are grateful to Appg for their contributions and we will consider the report completely.”

While the government continues to consult, stakeholders in the race are still cautious. With the presence of many small race operations and training operations that are already struggling in light of the high costs and the decline in revenues, there are fears that without rapid intervention, the structural damage may become irreversible.

The Appg report stops defining accurate legislative reforms, but calls for the suspension and reassessment of the current tax and regulatory proposals. It also urges the ministers to adhere to reforming the imposition of betting to reflect modern betting behavior and secure long -term feasibility for the racing industry in Britain.

With the development of gambling and taxes in a digital era, politicians are now facing the challenge of balancing public protection while preserving the country’s sporting heritage. For racing industry, the next few months may be it is very important.