What Weatherbys Bank can do for you
Following last month’s feature on the UK Racehorse Owners VAT Scheme, this month sees us exploring Weatherbys Bank Racing arm as the only Racing Bank in the UK and even globally for that matter, truly unique in their field, writes Leanne O’Sullivan in Saturday's Irish Field.
What does this exactly mean? What is a Racing Bank and where does Weatherbys Bank sit within the wider racing and bloodstock industry?
As you all know Weatherbys Bank are very well connected to the Racing and Bloodstock industry and its Racing Bank department is truly at the heart of this. In 1994, due to their stakeholder role and the significant level of prize moneys held, they took the decision to obtain their banking licence from the Bank of England. Then called Weatherbys & Co they later relaunched as Weatherbys Bank in 1998 and since then have launched a full range of top quality banking led services with many of their clients still coming to them from the world of racing.
To give you a flavour of their reach, 900 registered owners opened a Racing Bank account with Weatherbys Bank Limited in 2016. For those who don’t know, the only other option for servicing racing related expenses available to new owners is a direct debit facility with the BHA. On average 60% of registered owners opt for a Weatherbys Racing account each month.
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