CAB23-58 — Page 139

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THE RACECOURSE BETTING BILL

(Previous

Reference: Cabinet 37 (28) Con- clusion 1.)

}

4.

After hearing a statement from the

Chancellor of the Exchequer on the measures he

proposed to take in regard to the Betting Tax

if the Racecourse Betting Bill should become law,

the Cabinet agreed

That Mr Churchill should take an early opportunity to make the following statement in the House of Commons:

It is not practicable to substitute a scheme of graded licences in the present Finance Bill, but I am prepared to con- sider carefully the possibility of doing so next year. As an interim measure of relief, should the Race-Course Betting Bill become law I propose to modify the scheme of the Duty so as to double the present charge for certificates and to reduce the existing rates from 2% to 1% on the course and from 32% to 2% elsewhere. Amendments to effect the reductions in rates will be put down on the Report Stage of the Finance Bill to take effect from the 1st October, but as any proposal to increase the charge for certificates would involve the re- committal of the Bill I do not contemplate that the increase from £10 to £20 should

opera e before next year, and it might be that it would be superseded by a new scheme of graded licences. The reduc- tion of rates will involve a surrender of revenue of £1 millions this year as com- pared with the Budget estimate, but it is clear that that estimate will not be realised if the present rates are main- tained.

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