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<p>The Government recognises the significant contribution that racing makes to British
sporting culture and its particular importance to the British rural economy.</p><p>In
April 2017, we made significant reforms to the Horserace Betting Levy by fixing the
Levy rate at 10% and extending the scope of the Horserace Betting Levy to include
offshore online bookmakers for the first time. These reforms resulted in Levy income
to support the racing industry totalling £83 million in 2018/19. In 2018/19 the Levy
returned £83 million and in 2019/20 the Levy returned £97 million to racing. Even
with the suspension of racing for a period due to covid the Levy returned £82 million
in 2021/22 and then £97 million in 2021/22.</p><p>The Government is committed to review
the Horserace Betting Levy by 2024. The department engages regularly with racing stakeholders
including the British Horseracing Authority and we will consider carefully any information
they provide. The Government will continue to work with the industry and the Levy
Board to make sure the benefits of the Horserace Betting Levy are maximised.</p><p>The
Sports Economy team within the Department for International Trade (DIT) are actively
engaging with the British horse racing industry to discuss their target markets internationally
and how they can be supported in these regions. DIT is also working closely with the
industry on the best way of attracting international investors into the British thoroughbred
market and opportunities in the form of trade missions surrounding major international
meetings with a strong UK presence.</p><p>British horseracing and breeding is promoted
as part of the GREAT Britain & Northern Ireland campaign, showcasing the best
of the UK in over 164 countries across the globe. This recognises the cultural and
economic importance of horse racing to the UK and the role it plays as a soft power
asset for the country internationally.</p>
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