Commentary

700/67/18 Registration scheme for racehorse owners

Part V8 HMRC Notices
Part V8 HMRC Notices | Commentary

700/67/18 Registration scheme for racehorse owners

Part V8 HMRC Notices | Commentary

700/67/18
Registration scheme for racehorse owners

July 2018

This notice cancels and replaces Notice 700/67 (January 2002)

1 Overview

1.1 What this notice is about

Following an agreement with the thoroughbred horseracing and breeding industry a scheme known as the VAT registration scheme for racehorse owners was introduced on 16 March 1993. If you meet the conditions of the scheme we will accept that racehorse ownership is a business activity. You can therefore register for VAT and recover some of the VAT you are charged on your expenses as input tax. You can find further information about input tax in Section 4.

This notice describes the arrangements for registering owners of racehorses and point-to-point horses under the scheme. Owners may include—

  1.  

    —     breeders

  2.  

    —     dealers

  3.  

    —     trainers

  4.  

    —     racing clubs

  5.  

    —     syndicates

1.2 What's changed

Paragraph 1.1 has been amended to include “syndicates” in the list of owners.

1.3 Conditions for registering under the scheme

You can apply for VAT registration under the scheme if you are registered as an owner at Weatherbys and you either—

  1.  

    (a)     own a horse or horses covered by a sponsorship agreement registered at Weatherbys; or

  2.  

    (b)     own a horse or horses covered by a trainer's sponsorship agreement registered at Weatherbys; or

  3.  

    (c)     can show you have received, and will continue to receive, business income for example from appearance money or sponsored number cloths (SNC's) from your horseracing activities.

There are special arrangements for owners of point-to-point horses that qualify for racing in hunter chases. You can find further information about this in Section 6 of

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