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 Ownership News
Vat Scheme (Note to current owners)
Customs and Excise reviewed the VAT Scheme in 2003 and have granted the scheme an extension until 2005. This scheme is a major benefit to racehorse owners and it is vitally important for the industry as a whole that all owners sign up to this scheme. You can register your racehorse interests for VAT and claim up to two month’s training fees back per annum.
Please make sure that you or your yard are sponsored and signed up to the VAT scheme for Racehorse owners. Click here for more information on the VAT Scheme.
Dispute Mediation Service
A voluntary dispute resolution scheme (DRS), backed by the ROA and NTF, is now in operation, allowing owners and trainers who are prepared to resolve disputes out of court to go for mediation. In order to take this route, both parties have to be willing to attend a half-day or day session in London. An up front fee is payable - based on the complexity of the case, with every case additionally carrying a minimum administration fee of £150.
Owners interested in the DRS should contact the ROA office, while trainers should contact the NTF.
JOCKEY CLUB TRAINERS CODE OF CONDUCT
APPENDIX V UNDER THE ORDERS & RULES OF RACING
The Jockey Club have introduced new measures designed to be of significant benefit to the interests of both racehorse owners and trainers. A Code of Conduct for trainers which outlines the minimum standards the Jockey Club expects of them with regard to their dealings with owners. It is hoped that the initiative will increase the retention of existing owners and also make the sport more attractive to potential investors.
Notes regarding the Code of Conduct
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In short, the Code of Conduct is intended to prevent misunderstandings between owners and trainers, in particular, in relation to the dissatisfaction that can occur as a consequence of the purchase or sale of horses, for example arising from undisclosed commissions or other financial interests.
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The Code also makes it clear that the trainer must inform the owner promptly of any injury which will require a prolonged period of box rest for the horse.
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Other areas covered include the entering of horses into selling and claiming races, as well as for sale at public auction
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In all cases it will be the responsibility of the owner to make a complaint to the Jockey Club if they feel a breach of the Code of Conduct has occurred.
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Copies of the full wording of the Code of Conduct and the requirements of Training Agreements are available on request from the Jockey Club Press Office. They are also reproduced in full on the Jockey Club website and are included in the soon to be published 2003 edition of the Rule book.
For a copy of the Trainers Code of Conduct email owner@bhb.co.uk
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Ownership
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