Government ruling will see horse racing receive £80m Levy settlement

Government ruling will see horse racing receive £80m Levy settlement - Telegraph: "Culture secretary Jeremy Hunt will back the recommendation of the government-appointed independent directors of the Levy board and say racing should receive £75m-£80m from the 2011-12 settlement.
Hunt is expected to announce changes to the way the Levy - currently a 10 per cent tax on bookmakers’ gross profits - is determined.
A threshold that exempts shops with gross profits of less than £50,000 from Levy contributions is expected to be dropped, with an exemption retained only for the smallest shops.
Racing is also hopeful that overseas racing attracting bets in UK shops will once more be subject to Levy payments.
Should overseas racing be added - and there is concern in government that could be subject to legal challenge - Hunt may also reduce the Levy take to nine per cent to offset the upside to racing."

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