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THE LEVY EXPLAINED.

- The levy, collected through the Levy Scheme, is an important contributor to racing's finances.

- The 43rd Levy Scheme (Apr 1, 2004 - Mar 31, 2005) is calculated by reference to the gross profit on British horserace betting business.

- For licensed betting offices or media platforms showing a gross profit on British horseracing of more than pounds 75,000 per year, a flat ten per cent charge of gross profits will apply.

- Lesser charges will apply to any licensed betting office/media platform with gross profits of less than pounds 75,000 on horseracing.

- The levy for on-course betting is charged at six per cent of gross profits, with a system of lesser charges for a business showing a gross profit of less than pounds 75,000.

- British horserace betting business on telephone and the internet is charged at ten per cent of gross profits. The levy payable by bet-brokers, including betting exchanges on British horserace betting business, is the amount equivalent to ten per cent of their gross profits.

- Spread betting business is charged at two per cent of gross profits.

- Anyone conducting British horserace betting business on point-to-point and/or harness racing and/or trotting events will pay a fixed contribution of pounds 138.

- For the 43rd levy period, the Tote should contribute as if it were a bookmaker in respect of off-course SP and Tote odds, cash, internet and telephone horserace betting business and, additionally, in respect of Tote Direct, at the rate of ten per cent of gross profits.
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Title Annotation:Sports
Publication:The Racing Post (London, England)
Date:Nov 11, 2004
Words:251
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