Specific applications: Racehorses
Agreements with the Thoroughbred Breeders Association (TBA)
Customs have a long-standing Memorandum of Agreement with the TBA which covered agreed methods of valuation in four specific areas:
- Racehorses applied permanently to personal or other non-business use
- Racehorses applied temporarily to training/racing or leased for no consideration
- The keeping of stallions at stud
- Exchange of nominations.
Since the introduction of the VAT Registration Scheme for Racehorse Owners on 16 March 1993, there will be markedly fewer instances of racehorses being applied temporarily or permanently to non-business use. However, all of the existing agreements have been unified into a single Memorandum of Practice agreed with the TBA which has been included.