RCR Racehorse Ownership Q&A
Who can become a new owner?
Anyone over 16 years of age can apply.
Application will be subject to identity and credit checks and have to be approved by the British Horseracing Authority.
Types of Racehorse Ownership?
- Sole ownership – This is when you are the only person involved in the ownership of the horse and you have a 100% share in the animal. The horse will run in your name and colours. Any costs or profits will be yours alone.
Joint Ownership (2-12 people) – Each joint owner is required to be a registered owner, and percentages are specified for each horse registered. The horse can run in either a joint ownership name or in the name of one of the Owners.
- Racing Partnership (2-20 people). At least two partners must be a Registered Owner. The two registered owners (‘nominated partners’) are ultimately responsible for the setup and administration of the Racing Partnership.
- Company – A company can register as an Owner, owning horses 100%. The horse will be in the sole ownership of the company and the company’s shareholders. Companies can also be an entity within a Joint Ownership or Racing Partnership. The company must appoint a registered agency to act on its behalf.
- Leasing? – Leasing involves ownership of a racehorse for a set period of time. Costs that the horse incurs become the responsibility of the lessee for the lease period and in return the horse will run under the ownership of the lessee. At the end of the lease agreement the ownership of the horse returns to the lessor/the legal owner.?It is important that an agreement is made between the lessor and lessee with regard to the lease period, prize money split, if any, and any exceptional costs that may remain the lessor’s during the period.
Join a Racing Syndicate/Racing Club?
Racing syndicates and Racing clubs offer a cost-effective way to experience the thrill of ownership. It also provides a way to meet new friends and experience racing from the inside. These are managed by the organiser of each individual syndicate or Club.
- What is a Racing Syndicate / Racing Partnership?
A syndicate member or partner shares the ownership of the horse with others in the party.
- What is a Racing Club?
A racing club is set up and the club is the owner of the horse. Members of the club will have no ownership rights.
For information regarding which clubs and partnerships are affiliated with the Racing Syndicates Association (RSA), please visit their website: www.racehorsesyndicates.org
To find a Syndicate or Club that may suit a newly launched website may help – www.inthepaddock.co.uk
Alternatively our Racing Office will be able to list the Racing Syndicates and Club that currently have horses in training with us. We would be able to give you their best contact details and an insight as to how they operate.
What is the process to become an owner?
We will assist you every step of the way and talk you through the forms if needed.
Once complete it is very simple to manage.
- Initially there is one form (RS1) to complete to apply to become an owner in the UK.
- A Weatherbys Bank account is required to becoming an owner – There a couple of forms for this.
There after we would need a few more short forms completed:
- An Authority To Act form – This is required to be signed.
This enables us as your trainer to act on behalf of you for your horse/s with us. To make Entries, Declarations, changes to colours or ownership etc.
- A Training Agreement – This is required to be signed.
This confirms training fees and costs involved etc.
- Colours form – This is to register a set of your own colours.
This can be fun to choose and see all the designs available!
Once registered we can arrange to have a set of these made up for you from Allertons.
- Finally VAT – If you would like to claim VAT back on training expenses, there are a couple of forms to complete – More to follow on this.
How to claim back VAT?
On any ownership over 50%, VAT on all training expenses can be claimed back.
In order to do this, there are a few short forms to complete – Which we would assist you with. Weatherbys can then apply for a VAT number for you from HMRC.
Once you have a number, VAT can be claimed back – Purchase of the horse/s, training expenses, travel expenses, Veterinary expenses etc. Weatherbys has a VAT department who we highly recommend to complete your quarterly VAT returns at the following cost:
One final requirement to claim back VAT; you need a sponsorship agreement in place on your horse/s. We offer a yard sponsorship, of which anyone is able to join.
We are proudly sponsored by AL BASTI EQUIWORLD. Nothing is required for this. We can add you to the scheme and take care of all that is required to cover your horse/s.
Some owners choose to sponsorship themselves with their own businesses. If this is the case, there will be sponsor forms to complete. Plus logo clothing for a groom to lead your horse up at the races is required to be supplied.
Alternatively the ROA offer members the opportunity to join the SIS sponsorship scheme. They provide you with an appropriate SIS log to add to your racing colours to cover your runners at the races. This is all very simple to administer; we would look after you every step of the way and it is very cost effective.
How much can be saved?
If the cost of having a horse in training for one year was £18,500 to £23,000; By claiming back VAT you could save approximately in the region of £3,700 to £4,600 per year.
(This does not take in to account the purchase of a horse.)
Who is the BHA?
BHA stands for British Horseracing Authority. They are the governing body for horseracing in the UK, based in London. They set the rules, the fixtures, handicapping, and licenses etc.
Who are Weatherbys?
Weatherbys are the administration side of the BHA, based in Northamptonshire. They are a fantastic team based in Wellingborough, who assist all the racing yards and owners. They are always on hand to telephone with queries. They have Ownership, VAT, Racing, Banking, Sponsorship, Stud Book teams – All extremely helpful.
Who are the ROA?
The ROA are the Racehorse Ownership Association. It is available to all owners to become members for an annual fee of £230 including VAT. This gives you:
- 20% discount on over 30 BHA fees
- Owner-sponsorship scheme
- Free racecourse admission schemes for ALL owners
- Automatic third party liability insurance scheme
- Weekly £2,000 Owners Jackpot to be won by members
Further information can be found at www.roa.co.uk
How to become involved in Horseracing, and buying at the sales
It is really quite easy to become involved in Horseracing in the UK. Depending on budget, location in the country and type of racing that interest you will make you decide whom to have a horse in training with. As explained above, if you chose us to be your trainer whom you would like to place your horse with the Trainers Secretary will hold your hand in terms of setting up to become an owner. Once this is done it is very easy to manage.
Purchasing at the sales is also very simple. There are three main sales companies in the UK:
- Tattersalls in Newmarket – www.tattersalls.com
- Goffs at Doncaster – www.goffsuk.com
- Ascot sales run by Tattersalls Ireland – www.tattersalls.ie/ascot-cheltenham
Via their websites the list of sales dates are available and catalogues.
Anyone can attend the sales and they are certainly something everyone should do – They are a wonderful, vibrant and interesting place to spend time at. It would be advisable to discuss the budget prior to the start of a sale and ideally what sort horse you might be interesting in sourcing. Depending on the type of horse required we will source these themselves with you involved every step of the way. Occasionally we may use the assistance of a bloodstock Agent who are very savvy at the sales and are a great help. (However they would charge a commission on the purchasing of the horse – But we would not.)
Types of Sales
There are several types of sales to fit all interests:
- Yearling Sales – These sales run from August to December each year. They are horses aged approximately 18 months old. They are purchased to be broken in and start their training careers and race as Two-Years-old and onwards.
- Foal Sales – These are held in November and December. They will be cheaper to purchase then a Yearling but they do require paddock boarding on the stud until they are ready to be broken in the following year.
- Mare Sales – These are also held in November and December. They will be well bred fillies and mares. Some still racing, some ready to be put in foal in February onwards and some will already be in foal and due the following spring. Quite an enjoyable way of gaining racehorses. You choose your stallion for your mare, see them as a foal and watch them grow.
- Horses In Training – These are held all year round and are horses ranging from Two-year-olds and upwards. They have already been in training and are looking to be moved on to new connections.
- Breeze-Up Sales – These are held in the spring. They are two-year-olds that have been broken in and breeze for 3 furlongs on a racetrack the day prior to selling. You can go and view them perform this gallop , see how they move and how quick they go. They are generally ready to get to the racetrack within a month from purchasing, depending on the individual.
Sales or Life after racing?
You can sell your horse at any time. This may be at the sales or privately. If they have not made it as a good enough racehorse, retirement may be the answer. There are plenty of good set ups in the UK whom take ex-Racehorses to re-train and go on to a different discipline. The racing office will assist you in order to find the best home, including the paperwork involved to ensure they do not enter racing again.
I am an Overseas potential British Racehorse Owner?
Very similar to above, there are a series of forms to complete for Weatherbys and the BHA. They are mostly straight forward and the Racing office will assist you with them all. Going forward there is the GBRI team in London who will look after you when you come to the UK to attend Racing in Great Britain – www.greatbritishracinginternational.com
I would like to see what Robert Cowell Racing has to offer?
We are always happy to welcome new and existing owners to join us at the Stud to watch horses exercise, see their horse in the stable or out in the paddocks. We are thrilled when owners pop over to see their horse and are delighted to always give a tour of our beautiful and unique set up here at Bottisham Heath Stud.
As mentioned above we try to go above and beyond to help new owners set up and assist existing owners with queries at any time.
Day to day we pride ourselves on good communication on the progress and news of each horse to their owner via email or telephone.
We update your Website daily with snippets of news and try to provide at much information as we can to all our owners.