UK Intros New Horserace Tax

By Steve Karoul Sat, Apr 29, 2017

The UK government has confirmed that a new 10 percent tax on profits derived from horse racing went into effect last week. There is a £500,000 (US$645,200) threshold on the levy charge for licensed operators.

A new horserace betting levy took effect in the UK on April 25.

According to SBC News, the new tax will require all operators to pay a 10 percent tax on profits generated from customers on UK racing bets, both online and land-based. The UK government has added a £500,000 (US$645,200) limit on the levy for licensed operators. “Levy 2017” is expected to generate from £30 million to £40 million per year for sports funding.