£450,000 IN TAXES

Otago Daily Times, Issue 26042, 4 January 1946, Page 4

£450,000 IN TAXES

CHRISTCHURCH RACEGOERS HEAVY BETTING IN 1945 Racegoers in general (states the Christchurch Press) had £452,000 less in their pockets after the year’s betting at the Christchurch district courses, that sum representing the reductions made bv totalisator taxes and dividend taxes. The total betting on the totalisator at trotting meetings at Addington and race meetings at Riccarton, Motukarara and Rangiora in 1945 was £2,678,717, or nearly £750,000 higher than in 1944. On every pound invested, 12J per cent, is deducted. 5 per cent, being collected by the Government and 7£ per cent, by the clubs. From the balance remaining to be .distributed as dividends, the Government collects a further 5 per cent, on the total investments. The taxes amounted to no less than £451.915, of fvhich £251,135 went to the Consolidated Fund. A good sum would also be retained by the clubs from “fractions,” the undistributed part of dividends. In every way 1945 was a remarkable racing year in the district. Attendances were a record, and stakes were never higher, the two richest prizes being £7500 for the New Zealand Trotting Cup and £SIOO for the New Zealand Cup. The total stakes given at the Cup trotting meeting were £31,650, and £25,700 was given at the Cup meeting at Riccarton.