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DCMS announces Levy scheme decision
Culture secretary Jeremy Hunt has confirmed that a decision on the terms for the Horserace Betting Levy Scheme for 2011-12 has been reached.
The government was forced to intervene after the relevant parties failed to reach agreement at the end of October last year. Hunt said that the reasonable estimated yield should be between £73.7-80.8m in accordance with the Levy board's government-appointment members verdict.
The headline rate of the will increase from 10 per cent to 10.75 per cent, while the threshold level under which betting shops pay reduced rates has been reduced to £50,000. Hunt said: "I have tried to be fair by listening to the advice of the independent members of the Levy Board.
"I will continue to be guided by their advice in future years until what should be a straightforward commercial negotiation can be taken permanently out of the hands of ministers."