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Report: Levy Announcement Soon

Published: February 15, 2011 1:10 pm ET

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According to a report, Jeremy Hunt, the British Secretary of State for Culture, Olympics, Media and Sport, has reached a decision in regard to the contentious horse racing levy.

The Telegraph has reported that Hunt will say that the British racing industry should receive £75m-£80m from the 2011-12 settlement, thus supporting the recommendation of the government-appointed independent directors of the levy board.

The article also explains that Hunt is expected to announce a change in regard to the levy conditions. At least some of the changes are reportedly to include a waving of the provision which currently sees betting shops with less than less than £50,000 exempt from the 10 per cent tax on gross profits.

The report also states that there is a possibility that the levy could be reduced from 10 per cent to nine per cent.

(With files from The Telegraph)

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