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Levy Board reports income rise

Wed, 11 July 2012

A rise in income and other receipts of nearly 25% was announced by the Horserace Betting Levy Board in their audited accounts for 2011-12.

It was disclosed in the release of the annual report that Levy income had risen from £60.2m to £74.9m, which was within the range envisaged by the Secretary of State in his determination of the 50th Levy Scheme.

This is due in part to changes to the scheme from the previous year, particularly an increase in the headline rate from 10% to 10.75% and alterations to the threshold relief for licensed betting offices.

The annual report detailed the board's decision to make further changes to the prize money distribution system, providing a more direct and quick link between a racecourse's performance and the contribution from the Board.

In his chairman's statement, Paul Lee reviewed the process for agreement of the terms of the 51st Levy Scheme, as well as the board's commitment to seek to improve the relationships between betting and racing and to support the Government to find the best answer for the future of the Levy or its replacement.