Bloodstock tax breaks cost €100m a year

THE COUNTRY is losing in the region of €100m in revenue every year due to tax breaks given to the golden circle that runs Ireland's horse racing industry.

Super-rich businessmen such as John Magnier and JP McManus are earning millions of euro tax-free in breeding fees thanks to the laws which subsidise the bloodstock industry.

The money that goes into the pockets of bloodstock millionaires annually would, if taxed, be enough to create almost 1,000 extra hospital beds.