"Lee Westwood criticizes British horse racing's management"
In the world of horse racing, renowned golfer Lee Westwood has voiced his concerns about the financial affairs of the sport in Britain. On Wednesday afternoon, Westwood took to social media to express his dissatisfaction with the current state of the industry.
The proposed tax for horse racing, if implemented, could cost the sport a staggering £160m in income per year under the worst-case scenario. The institution dealing with the planned regulation of the horse racing industry, however, remains unnamed in the search results.
Westwood's post criticised not only the potential tax increase but also the regulations on punters. He stated that it's not feasible for a horse to win 3-4 times in a season and not break even, implying the financial burden on owners like himself due to high fees and low prize money.
The tax rate for all online games of chance, including horse racing, could potentially rise to 21%, matching the current tax rate for casino and slots. This proposed change would significantly impact the horse racing industry, especially considering the sport has been under heavy scrutiny for low prize money compared to international meetings.
Treasury ministers are set to make a final decision on the tax matter ahead of the budget in October. The British Horseracing Authority (BHA) has previously attributed the fall of betting revenue to affordability checks, which have impacted the sport.
Westwood, who has owned horses for over two decades, has been involved with numerous syndicates and partnerships. One of his notable runners is Augusta Kate, a Cheltenham Festival runner and Grade 1 winner.
Racing in Britain has come under heavy scrutiny, and the decision on the tax matter will undoubtedly have a significant financial impact on the horse racing industry. Westwood's voice adds to the growing concern amongst industry stakeholders, urging for a fair and sustainable financial future for horse racing in Britain.
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