Lunchtime racing and turnover Levy
If none of the backbenchers 'debating' are actually involved in the decision making process and have sat down with financial experts and lawyers working out what can actually be done then the whole thing is just a pagent to make them look good to their constituents.
Indeed.
They seem more interested in talking about their local racecourse than the wider issues!
Jeff
They seem more interested in talking about their local racecourse than the wider issues!
Jeff
hgodden wrote:If none of the backbenchers 'debating' are actually involved in the decision making process and have sat down with financial experts and lawyers working out what can actually be done then the whole thing is just a pagent to make them look good to their constituents.
This is becoming clear as the 'debate' continues.hgodden wrote:If none of the backbenchers 'debating' are actually involved in the decision making process and have sat down with financial experts and lawyers working out what can actually be done then the whole thing is just a pagent to make them look good to their constituents.
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oddstrader
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it just makes you realise how useless and how much of a waste of money most of these people are.jimrobo wrote:at last phillip davies someone who actually knows what is going on!!!!
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oddstrader
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my fear would be that if betfair are required to cough up more to the levy, they will most certainly try to pass this extra liability to their PC paying clients.hgodden wrote:Does anyone actually think it is likely to impact exchange users?
although it was pretty clear the main crux was the offshore betting industry what does worry me a little bit was the comments of making exchanges and bookies a level playing field with regards to levy or whatever system is going to come out of the whole thing.
Although in the short term I am not too worried, in the long term I am not particularly optimistic
Although in the short term I am not too worried, in the long term I am not particularly optimistic
Nope, that motion was just to bring forward proposals to improve the funding of racing.Ferru123 wrote:Has anything actually changed as a result of today's motion being passed?
Jeff
There's a summary of the debate here
http://www.skysports.com/story/0,19528, ... 94,00.html
Seems to me like long term they actually want to get rid of the levy rather than increase contributions from bookmakers.
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andyfuller
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Government reaches decision on 50th Levy scheme – New terms are ‘fair deal for racing and bookies’ says Jeremy Hunt
017/11
16 February 2011
Culture Secretary Jeremy Hunt has today set the terms of the Horserace Betting Levy Scheme for 2011/12. The Government is responsible for determining the 50th Levy Scheme after the parties involved failed to reach agreement by the end of October last year.
Mr Hunt believes that the reasonable estimated yield should be in the range of £73.7 million to £80.8 million in line with the Government-Appointed Members of the Horserace Betting Levy Board’s options. To achieve this, a number of changes will be made from the terms of the 49th Scheme – the headline rate of levy will increase from 10 to 10.75 per cent, and the threshold level under which betting shops pay a reduced rate of levy will come down from £88,740 to £50,000.
Despite a suggestion by the Government-appointed Members, there will be no change to the scheme in relation to foreign racing. As the Levy supports British horseracing it has been decided to collect it only in relation to bets on those races that take place in England, Scotland and Wales.
Mr Hunt’s decision takes account of submissions from both the racing and bookmaking industries together with advice from the Government-Appointed Members of the Horserace Betting Levy Board.
Jeremy Hunt said:
“It is really disappointing that two important industries have been unable to come to a sensible commercial agreement. I have tried to be fair by listening to the advice of the Independent members of the Levy Board and I will continue to be guided by their advice in future years until what should be a straightforward commercial negotiation can be taken permanently out of the hands of Ministers.
"I am grateful to the Government-Appointed Members of the Horserace Betting Levy Board and both interested parties for their submissions. I have now asked the Horserace Betting Levy Board to finalise the operational details of the scheme as a matter of urgency”.
The annual scheme is a levy on the profits of bookmakers from betting on British horseracing, and goes towards funding horseracing – for instance through integrity services, veterinary science, prize money, training initiatives and breeding programmes.
The increase in headline rate to 10.75 per cent will apply to telephone and internet betting operators (including betting exchanges) as well as Licensed Betting Offices.
For bookmakers who derive their gross profit from spread betting businesses the levy will be set at 2.15 per cent of such gross profit where it arises from British horseracing. For bookmakers taking bets at the racecourse the flat rate annual fee will increase in line with RPI to £210, whereas for those bookmakers who solely stand at point-to-point, harness racing or trotting events the new fee will be £166.
Source: http://www.culture.gov.uk/news/media_releases/7859.aspx
017/11
16 February 2011
Culture Secretary Jeremy Hunt has today set the terms of the Horserace Betting Levy Scheme for 2011/12. The Government is responsible for determining the 50th Levy Scheme after the parties involved failed to reach agreement by the end of October last year.
Mr Hunt believes that the reasonable estimated yield should be in the range of £73.7 million to £80.8 million in line with the Government-Appointed Members of the Horserace Betting Levy Board’s options. To achieve this, a number of changes will be made from the terms of the 49th Scheme – the headline rate of levy will increase from 10 to 10.75 per cent, and the threshold level under which betting shops pay a reduced rate of levy will come down from £88,740 to £50,000.
Despite a suggestion by the Government-appointed Members, there will be no change to the scheme in relation to foreign racing. As the Levy supports British horseracing it has been decided to collect it only in relation to bets on those races that take place in England, Scotland and Wales.
Mr Hunt’s decision takes account of submissions from both the racing and bookmaking industries together with advice from the Government-Appointed Members of the Horserace Betting Levy Board.
Jeremy Hunt said:
“It is really disappointing that two important industries have been unable to come to a sensible commercial agreement. I have tried to be fair by listening to the advice of the Independent members of the Levy Board and I will continue to be guided by their advice in future years until what should be a straightforward commercial negotiation can be taken permanently out of the hands of Ministers.
"I am grateful to the Government-Appointed Members of the Horserace Betting Levy Board and both interested parties for their submissions. I have now asked the Horserace Betting Levy Board to finalise the operational details of the scheme as a matter of urgency”.
The annual scheme is a levy on the profits of bookmakers from betting on British horseracing, and goes towards funding horseracing – for instance through integrity services, veterinary science, prize money, training initiatives and breeding programmes.
The increase in headline rate to 10.75 per cent will apply to telephone and internet betting operators (including betting exchanges) as well as Licensed Betting Offices.
For bookmakers who derive their gross profit from spread betting businesses the levy will be set at 2.15 per cent of such gross profit where it arises from British horseracing. For bookmakers taking bets at the racecourse the flat rate annual fee will increase in line with RPI to £210, whereas for those bookmakers who solely stand at point-to-point, harness racing or trotting events the new fee will be £166.
Source: http://www.culture.gov.uk/news/media_releases/7859.aspx
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andyfuller
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- Joined: Wed Mar 25, 2009 12:23 pm
Yes that is a separate issue entirely. Not sure when exactly that verdict is decided upon.