The race is on to close off-shore betting tax loophole

Monday 1 November 2010

Off-shore betting firms that avoid paying tax should be made to pay their share of the Horserace Betting Levy, according to local MP Ian Swales.

Bookmakers operating outside the UK do not pay the Horserace Betting Levy, which raises millions of pounds for local Racecourses.

The British Horseracing Authority estimates that the loopholes have caused funding for horseracing to drop by over a third in two years, from £115m in 2008 to just £75m in 2010.

Today Ian Swales has written to Jeremy Hunt MP, Secrertary of State for Culture, Olympics, Media and Sport, asking the Government whether it will close down these loopholes.

Ian said, "The race is on to stop off-shore bookmakers exploiting this tax loophole.

"Every day local racecourses are missing out on investment. The money given to racecourses has fallen drastically in the past two years, and this loophole is to blame.

"Redcar Racecourse is in the heart of the town and is an important part of the community. I am not going to sit back and let off-shore bookies rake in piles of punters' cash when money is lost that could go to our local racecourse."

Source - http://ianswales.com/news/000085/

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