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Overseas Levy Loophole May Get Closed

Published: April 12, 2010 3:02 pm ET

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According to a report, the Labour Party in the United Kingdom is looking to close a loophole which currently allows offshore gaming companies to avoid paying 10% of their gross horseracing profits to the Horserace Betting Levy Board.

According to a report on ukwirednews.com, the move could help financially shore up the UK racing industry.

The Horserace Betting Levy Board (HBLB) distributes the money raised with aim of improving the sport in Britain.

The article states that last year the Levy took a £4.5m loss as British bookmakers William Hill and Ladbrokes both moved their online operations offshore.

The report quoted Sports Minister Geryy Sutcliffe as saying: "These plans will also help protect British jobs by assisting British betting operators who to date have remained in the country and pay their fair share to racing. They will no longer face an uneven playing field."

(With files from ukwirednews.com)


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