Commenting on the Chancellor of the Excheque?_x0019_s Budget speech today, BHB Secretary-General Tristram Ricketts said:
“We are very pleased that the Chancellor has responded so positively to the strong representations from the British Racing and betting industries.
“The replacement of General Betting Duty with a Gross Profits Tax at a rate of 15% will enable the domestic betting industry to offer a highly competitive service against those overseas bookmakers who charge low, or no, tax to their customers. The anticipated resultant increase in betting turnover will benefit all parties in the longer-term.
“We are glad to see that the largest UK bookmakers with off-shore operations have given a commitment to Government that they will be relocated.
“We hope that it will prove possible to introduce the new arrangements before 1st January 2002. In the meantime, we will be looking to make certain that Government’s consistent commitment to ensure that Racing shares in the benefits of the changes is fully met.”
For further information, please contact:
Tristram Ricketts, 020 7343 3312
Alan Delmonte, 020 7343 3318