 For the latest year reported, the levy resulted in £103.5 million being collected.Member of Parliament Clement Freud, who himself had owned racehorses, alleged in an article published in the 1970s, before his election to Parliament, that horse racing was organized purely to generate taxes.He cited the large number of otherwise non-viable racecourses kept open (to ensure sufficient races being run) even as the financial rewards to the owners and trainers declined to the point where most could barely cover their expenses.