Bloodstock inquiry - Breeders’ trade must be overhauled

RIGHTLY or wrongly, popular perceptions of the horsy set portray a golden circle of mega-rich breeders enjoying fat tax breaks at the behest of racing-mad Finance Minister Charlie McCreevy.

This scenario will soon go under the microscope as the EU launches its first serious assessment of the Irish bloodstock industry’s tax regime in 34 years.

There is considerable disquiet over the Government’s cosseting of the multi-billion euro equine industry while at the same time cutting services for people on the margins of society. Given its national significance, the bloodstock business should be overhauled, not dismantled. The rewards can be phenomenal. Last year, one stallion, Sadler’s Wells, earned a whopping €25 million.