The ROA is delighted to announce that Satellite Information Services Ltd is the new sponsor for the Racehorse Owners’ Sponsorship Scheme.
The Scheme is one of the principal benefits offered to the ROA’s members, who currently total over 7,000.
In addition to providing sponsorship payments of up to £200,000 annually, joining the Scheme makes it possible for racehorse owners to register as a business for VAT purposes. This means that owners can reclaim VAT on their racing activities as well as on the purchase price of their horse. With over 1,500 horses on the Scheme, it is estimated that it enables ROA members to reclaim at least £6 million of VAT each year.
Totesport had sponsored the Scheme until its change of ownership and the ROA (Prince of Johanne's jockey is seen wearing the ROA-sponsored silks) would not have been able to continue to finance it beyond the autumn without a new sponsor.
Richard Wayman, Chief Executive of the ROA, said: “This agreement is a most welcome development for the ROA and we extend our deep gratitude to SIS, which has shown the insight to fully appreciate the importance of this sponsorship to both racehorse owners and the racing industry generally. With the number of owners and horses continuing to decline, I can’t overstate the importance of this agreement and the fact that SIS has committed to support the Scheme for at least three years secures its future for a significant period of time.”
David Holdgate, Chief Executive of SIS, said: “We are always searching for the right opportunity to demonstrate our long-term commitment to British Racing and we are delighted to work with the ROA to provide support to owners. It is essential to our customers that racing continues to provide a competitive betting product and we are only too pleased to be able to contribute to that by supporting the sport through this agreement.”
Horses are seen regularly carrying the sponsored silks to victory on Britain’s racecourses, including – in 2012 – Arctic Cosmos in the Listed Magnolia Stakes at Kempton Park, Cape Tribulation in the Pertemps Final at the Cheltenham Festival and Prince of Johanne in the Royal Hunt Cup at Royal Ascot.
Racehorse Owners’ Sponsorship Scheme
The Owners’ Sponsorship Scheme provides a simple means by which owners can recover VAT on their racing activity.
With the cost of keeping a horse in training in the region of £18,500 to £20,000 a year, an owner can expect to reclaim around £3,700 to £4,000. This doesn’t take into account any VAT element on a horse’s purchase price, which can also be recovered.
VAT is recoverable on costs that are invoiced to the VAT registered entity for relevant supplies, and should normally be fully recoverable on: racehorse purchase; training fees; gallop fees; veterinary fees; farrier costs; transport of the horse; jockeys riding fees and retainers; and entry fees (BHA administration element only). There are other aspects that can be recoverable for VAT purposes, for example charges by professional advisers, travel costs and livery yard fees.
Full details about the Scheme can be found online at:
The new Scheme will commence on 1 September 2012.
10 July 2012