TAXATION OF RACING

Evening Post, Volume CXII, Issue 30, 4 August 1931, Page 13

TAXATION OF RACING

TREASURY'S LEAN YEAR

-With the-closing of the ■ 1930-31-racing season it is now possible to approximate the sum the Government has collected oft' totalisator investments by way of its totalisator and dividend taxes, and to observe the result of the'increased taxation on the revenue obtained" by the Treasury. It was indicated more than once previously that the Government's collection was, going to be substantially less than it was in the ,1929-30. season, in spite of the doubling of the totalisator tax twelve months ago, and: the figures now reveal that- the loss is over, £20,000, or nearly 7 per cent. A substantial increase was anticipated when last year's legislation was* passed. The amounts payable in totalisator taxation in the.two seasons under review (not taking into account certain rebates that may have been made) have been:— 1929-30. 1930-31. £ £ Totalisator til ....... 129,441' 179,192 Dividend tax 230,294 158,793 Totals ...,..«. £359,735 £335,985 :Decre.iso for year .... £23,750 Besides the loss in revenue on totalisator turnovers, the Treasury lias further losses to record in stakes tax and amusement tax. The latter sum is not at -present available, but it is estimated at about £11,500, contrasted with £12,931 in, the previous season. The stakes-tax for the season just closed, amounts to £17,480 (approx.), as against £20,369 in the previ-' ous season, a decline of another £2889. , , In his Budget presented' last week the Prime Minister had no alteration to propose in the'percentages to be paid under the various he,ads this season.' > '