Racing: VAT rates threaten bloodstock industry

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In a decision which could have disastrous implications for the British bloodstock industry, the Paymaster General, Sir John Cope, yesterday refused to bring VAT rates into line with European competitors. Under the single market, 17.5 per cent VAT will be charged on horses sold in Britain compared with 5.5 per cent in France and 2.3 per cent in Ireland.

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