Government publish draft for new levy legislation
The new levy legislation was revealed as part of the budget
draft for levy legislation By Bill Barber 11:54AM 8 MAR 2017
THE government has published The Horserace Betting Levy Regulations 2017, the draft legislation which will lead to the replacement of the levy system from April.
Replacement of the levy does not require primary legislation and is being done through a statutory instrument, although that must get the consent of both houses of parliament.
The new system will extend the levy to remote betting operators based offshore who have so far been outside the levy net. The sport expects the new system to bring in an extra £30 million to £40 million per year.
Levy replacement has yet to gain European state aid approval, with the deadline for a decision understood to be next week.
More to follow. . .
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