§ Miss McIntoshTo ask the Chancellor of the Exchequer if he will provide tax reliefs for(a) the horse breeding industry and (b) stallion owners, similar to those which exist in Ireland. [69368]
§ Dawn PrimaroloThe Government keep all taxes under review as part of the normal Budget process.
In the UK, racehorse owners, including breeders, already benefit from the VAT Registration Scheme for Racehorse Owners which allows owners, breeders, dealers and trainers who generate business income through horseracing, to register for VAT and thus recover the full VAT costs on the purchase and training of their horses. In addition to this stud farming is treated as farming for tax purposes and is therefore subject to special reliefs such as the Agricultural Buildings Allowance and Agricultural Property Relief.