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The VAT Scheme for Racehorse Owners
Whilst owning a racehorse has become increasingly affordable through the advent of partnerships and joint ownerships, racehorse ownership is still not a cheap interest. However, racehorse owners are granted a huge dispensation from HM Revenue & Customs, through the VAT Scheme for Racehorse Owners.
Introduced in March 1993, the scheme allows all owners who gain sponsorship for their horse to register for VAT and thus reclaim their outlay on VAT.
HM Revenue & Customs reviewed the VAT Scheme in 2005/6 and have granted the scheme an extension with no set date for further review. This scheme is a major benefit to racehorse owners and it is vitally important for the industry as a whole that all owners sign up to this scheme.
The Sponsorship Framework for Racehorse Owners
This was introduced by the BHB in June 1994 to enhance the opportunities for owners to generate sponsorship through the provision of attractive logo sites including:
- Owners' silks (chest logo)
- Owners' silks (collar logo)
- Attendants' clothing
- Rugs and blankets
A Code of Conduct is in place that details the framework designed to facilitate sponsorship incomes for racehorse owners.
To download our VAT Information Pack click here
or
call the VAT Help Desk at Weatherbys on 01933 440077.
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Ownership
Benefits & Costs
