The British government has published a draft of the legislation that will replace the country's levy system in April, according to Racing Post. The new levy, which will cover offshore bookmakers that have until now been outside the levy's reach, requires consent by both houses of parliament as well as state aid approval from Europe. The rate for the new system will be 10% on gross profits on British racing above £500,000, and is expected to bring in an additional £30 to £40 million per year for the sport. The 10% rate comes up for review after seven years.
The new system is set to go into effect from Apr. 1, but state aid approval from Europe is required before it can do so.
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