The British Horseracing Board is to step up its efforts to secure renewal of the VAT Registration Scheme by appointing a new Working Group under the Chairmanship of former Agriculture Minister Lord Donoughue.
The Group’s immediate task will be to help improve sponsorship revenues to owners, and increase awareness of the opportunities among sponsors, in good time for the 2001/2 Customs and Excise review of the VAT Registration Scheme. It will also carry out a thorough review of the Sponsorship Framework for Racehorse Owners in order to provide a firm foundation for long term sponsorship growth. The Group will also work with others further to develop appearance money arrangements.
Alongside Lord Donoughue, the group will comprise Rhydian Morgan-Jones (BHB), Grant Harris (Industry Committee Horseracing Limited), Michael Harris (Racehorse Owners Association), Morag Gray (Racecourse Association), BHB Marketing Consultant Teresa Cash and BHB VAT Consultant and Taxation Group member Peter Mendham.
Lord Donoughue said today: “I am delighted to have the opportunity to contribute to this exciting and timely BHB initiative. The VAT Scheme is of crucial importance to the Racing and Breeding Industries and the further development of business income opportunities for owners, in the form of sponsorship and appearance money, is vital to its future.
“The Group will work closely with the BHB Taxation Group and others to help secure renewal of the Scheme in 2002.”
BHB Chief Executive Tristram Ricketts added: “We are very pleased that Lord Donoughue, who played a role in securing the introduction of the Scheme in 1993, has agreed to chair this important new Group. His knowledge of racing will be a great asset as he brings a fresh pair of eyes to a key issue for the future financial health of the Racing and Breeding Industries.”
For further information, please contact Lord Donoughue on 0171-730-7332 / 0171-219-3000
Teresa Cash on 0171-343-3310