Four legged beasties
Not long after I first became a Member of Parliament, the Single European Market was introduced, with particular reference to the treatment of VAT. For the horseracing industry this would have been calamitous. A £1million thoroughbred bought here at auction would incur VAT of £175,000 whilst in France and Ireland it would be much lower, because of a special EU VAT derogation. This would have resulted in the wholesale departure of the bloodstock sales business in Newmarket in my constituency. So battle commenced at every level. In the Commons, I chaired a committee of enquiry about this, and then after an intense campaign by MPs, the racing industry and others, the Government changed its mind. Racehorse ownership could now be properly registered for VAT purposes as a business.
It saved the day. The future of racing was secured, and there have been many helpful developments since then. Racing is thriving and Newmarket remains pre-eminently the historic capital of sales, breeding and all the associated ancillary acivities.
People in racing have remained generous supporters of mine since then. Today, I’m off to Newbury with the All Party Racing and Bloodstock Committee for our annual outing. Although it is not at Newmarket this year, nobody will enjoy it more than me!