Jeff Ennis MP, Joint Chair of the Parliamentary All Party Racing Group, has been appointed to head a BHB Working Group which will seek a further renewal of the valuable VAT Registration Scheme for racehorse owners.
The Scheme, worth some £20m to Racing and Breeding annually, enables racehorse owners to register their racing activity as a business for VAT purposes. The Scheme, launched in 1993, was extended by Government in 1997 and 2002 and is next due to be reviewed by Customs and Excise in 2005.
Ahead of this, the Working Group will be tasked with increasing the number and value of sponsorships for owners, highlighting the benefits of the Scheme to a wide audience and increasing awareness of the Scheme among existing and potential sponsors. The Group will also complement the existing methods for policing the Scheme, and ensure that registered owners are complying with the rules.
The Working Group is comprised as follows:
Jeff Ennis (Chairman)
Rupert Arnold (NTF)
James Beazley (Bloodstock industry representative)
Michael Harris (ROA)
Chris John (BHB Marketing Director)
Peter Mendham (VAT Advisor)
Rhydian Morgan-Jones (Industry Committee (Horseracing) Ltd)
James Oldring (BHB Sponsorship Executive)
Nigel Payne (HSA)
Phillip Potts (Bloodstock industry representative)
Mary-Ann Sandercock (RCA)
Jeff Ennis said: “I am delighted at the opportunity to be involved in a matter of vital importance to the racing industry. The VAT Scheme has been an undoubted success since its inception, and has far-reaching benefits in terms of additional business income generated and the employment opportunities it creates. I look forward to working with industry experts to secure the Scheme’s future.”
BHB Marketing Director Chris John said: “The VAT Scheme remains of crucial importance to Racing and Breeding. We are very pleased that Jeff Ennis will be heading the industry-wide Group. His substantial political experience and great passion for racing will be major assets.”
A full guide to the VAT Registration Scheme can be found at stage.britishhorseracing.com/owning.