Point-to-point courses
Source: gov.uk (2025-04-28)

This publication is intended for Valuation Officers. It may contain links to internal resources that are not available through this version.

1. Scope

1.1 This instruction applies to all point-to-point courses.

2. List description and special category code

2.1 Primary description code: LX

2.2 List description: point-to-point racecourse and premises. The valuer will need to consider whether the term Part Exempt needs adding to the description.

2.3 Scat code 214, Suffix G

3. Responsible teams

3.1 This is a generalist class of property to be valued by valuers in each Regional Valuation Unit and overseen by the regional leisure attractions CCT.

4. Co-ordination

4.1 The Class Co-ordination team regional leisure attractions has overall responsibility for the co-ordination of this class. The team is responsible for approach, accuracy and consistency of valuations.

4.2 Caseworkers and referencers have a responsibility to:
- follow the advice given at all times
- not depart from the guidance given on appeals or maintenance work, without approval from the co-ordination team
- seek advice from the co-ordination team before starting any new work
5. Legal framework

5.1 At the heart of the matter are the tensions between:
- schedule 5 to the Local Government Finance Act 1988 (LGFA 1988) - the agricultural exemption provisions
- the identification of the appropriate hereditament(s)
- the application of the de minimis non curat lex maxim (the law does not concern itself with trifles)
5.2 Taking these in turn.

Schedule 5 to LGFA 1988. Under paragraph 1 of Schedule 5 LGFA 1988:- 1 A hereditament is exempt to the extent that it consists of any of the following -

(a) agricultural land

(b) agricultural buildings

In relation to bare land the provisions set out in paragraph 2(1)(a) and paragraph 2(2)(d) will need to be considered, namely:

2 (1) Agricultural land is and 2 (2) But agricultural land does not include

(d) land used mainly or exclusively for purposes of sport or recreation, or (e) land used as a racecourse.

Once the facts have been ascertained, the exemption legislation can be examined to establish the extent of any non-exempt use.

5.3 Exemption will fail if the land is used as a racecourse. There is no “mainly or exclusively” test as is the case with para 2(2)(d) land used for sport and recreation. This suggests a prima facie case for rateability. Even greater clarity has been provided by the introduction of the words “to the extent that” within the LGFA 1998 provisions.

5.4 The keys points to draw from this are as follows:
- the “to the extent that” test should be approached on a spatio temporal basis
- If the non-exempt use is the paramount, predominant or primary use there can be no question about rateability
5.5 As regards the latter, if, for example the event is a major attraction this must be the predominant and primary use of the land because any agricultural activity would pale into insignificance as far as use, income and intensity are concerned. Clearly, the more major the event the greater the prospect that the land fails the “only” test as it will evidently not be capable of being considered de minimis.

5.6 The identification of the appropriate hereditament(s), point-to-point meetings are held at a number of locations ranging from agricultural pasture land in open fields, country estate land and dedicated race-courses. Where rateability is proven it is important to correctly identify the rateable occupier. Following the advice received in relation to the great Dorset Steam Fair it may be the landowner who is in rateable occupation and not the local hunt holding the event. Their occupation deemed to be too transient.

5.7 The application of de minimis, when considering de minimis in this context, it would not be unreasonable to bear in mind the following:
- the presence of permanent factors, for example, fences, grandstands, rails etc
- the organisation and preparation for the event
- the importance of the event locally
- the number of spectators attending and the financial return to the organisers
5.8 Taking these in turn

5.1.5(a) The presence of permanent factors

This will only be established from inspection. Strictly, the continuing presence of point-to-point fences should result in an entry into the Rating List of a “partially exempt hereditament” under para 2(1B) of Schedule 6 LGFA 1988, even though the value of the rateable element may be relatively minor.

5.1.5(b) The organisation and preparation for the event

This will be hard to gauge from an outsiders perspective. However most point-to-point are organised by hunts, with the point-to-point being a sub-committee of the main hunt committee. Time will be given free by those committee members with the aim of raising funds for the hunt. It is not uncommon to have a working committee of 12 to organise the point to point meeting during the year, then calling on between 50-75 additional helpers on the day of the meeting to assist with car parking, stewarding, fence judges, hospitality, health and safety, litter picking, selling race-cards, treading-in etc.

5.1.5(c) The importance of the event

Most point-to-point hold a special place in the rural landscape, though nevertheless are extremely sensitive to the weather.

5.1.5(d) Number of spectators attending and financial return to the organisers Most point-to-point meeting barely break even and when a “profit” is made almost certainly it will go towards setting off previous losses or become the “float” for next season. However there are point-to-point that are extremely successful, often those held later on in the year - March to May and benefitting from an Easter or May bank holiday. It is also necessary to remember the numbers of volunteers that are deployed to ensure that an event runs smoothly.

6. Overview

6.1 Some point-to-point courses in England and Wales will not be rateable after considering the above factors. However if the meeting is substantial in scale and held on land that is outside the agricultural exemption provisions it should be assessed. It should be noted that some courses also hold more than one meeting such as Garthorpe, Leicestershire which is the home of a number of meetings during the point-to-point calendar year.

7. Survey requirements

7.1 It will assist greatly if a race-card for the event(s) can be obtained. Almost certainly, this will provide much of what will need to be recorded. It will contain a plan, showing all the salient details of the site, the location of all the key facilities and the position of each fence. It is important to establish those fences and facilities that remain in-situ.

7.2 Rental evidence may exist, as it is not uncommon for a local hunt to enter into an agreement with the landowner to pay a rent or licence fee. However in the absence of this and also as a cross check full accounts will need to be obtained for a three year period prior to the antecedent valuation date.

7.3 The survey should include the following information: Location showing access to event, site plan, facilities available, frequency of meetings, entry fees for public, duration of event from setting up to leaving site, identification of fences and facilities that may remain in-situ all year round.

8. Survey capture

8.1 In all cases plans and surveys should be stored in the property folder of the Electronic Document Records Management (EDRM) system.

9. Valuation approach

9.1 In the absence of rare reliable rental evidence the receipts and expenditure method of valuation should be adopted.

9.2 When considering the accounts for a point-to-point great care should be taken to ensure that the receipts being considered only relate to the specific undertaking being considered.

9.3 It is vital to ensure that the accounts reflect the reality of the operations. Most meetings rely hugely on volunteer labour and the treatment of this resource needs to be correctly reflected in the analysis of the accounts. Some guidance may be derived from the LT decision in Bluebell Railway Ltd v Ball (VO) [1984] RA 113.

10. Valuation support

10.1 All valuations should be entered onto the Non-Bulk Server (NBS) under the relevant Scat code.
- Survaid
- Class Co-ordination team
Practice note: 2023 - point-to-point racecourses

1. Market appraisal

1.1 Point-to-point is a form of horse racing over fences for hunting horses and amateur riders. The races are generally run between January and June. The races originated in England in the second half of the 19th century as a way to keep hunters fit and were originally known as hunt races, each hunt had one race.

1.2 Between the 2014/15 and 2020/21 point-to-point seasons, the number of meetings and the number of locations in which they have been held has remained broadly the same. However, there has been an increase in the number flat races since their introduction in the 2016/17 season. Run over two miles, they are restricted to four, five and six-year-olds who have not run under the rules of any recognised Racing Authority, including point-to-point steeplechases.

1.3 Changes to the Betting Levy took place in 2017, meaning bookmakers now pay 10% of gross profits from horse racing to the sports central system as Levy, leading to substantially increased yield. The Levy provides grants to point to point venues receive grants to help maintain courses and fences, to help with safety and welfare including veterinary and security services.

1.4 Other changes in the administration surrounding point to pointing include the General Data Protection Regulation, (which has impacted on how point-to-point meetings are publicised), the new body protector standards and new procedures concerning the issue of Hunter Certificates (necessary in order for a horse to be allowed to run in a point-to-point). These new procedures include the introduction of a fixed fee, replacing local fees which varied across England and Wales. The number of Hunter Certificates (and riders’ qualification certificates) issued has fallen somewhat since the last Antecedent Valuation Date (AVD).

1.5 Traditionally point to point races are held over three miles and in some cases, longer distances. From the 2015/2016 season, meeting organisers can stage one race over 2.5 miles and have the option of also putting on a young-horse maiden over the same trip. This change will give opportunities for more horses to participate. Similarly, winners of flat races and bumpers, will be allowed to run in restricted races – formerly they entered the sport at open or intermediate level.

1.6 The growing importance of Pony racing may also be noted. The provision of pony racing has taken place at a number of point-to-point meetings. This is intended to encourage the involvement of young riders under the age of 16 in the sport. Pony racing, which mostly takes place at point-to-point meetings, is a growing sport in itself, especially in certain parts of the country, and has its own set of rules and standards. Pony races are often run after the point-to-point races and riders in pony races often progress onto racing in point-to-points and then under rules. Pony racing also benefits point-to-pointing, by providing additional contests and interest for the public, generating income from sponsorship and introducing children to hunting and racing.

1.7 An equine flu outbreak occurred March/April 2019 and new requirements were brought in for unlicensed individuals to present negative nasal swab results on licensed racecourses. This is in addition to the requirement that horses are vaccinated every 6 months.

1.8 The effects of the COVID-19 outbreak, need to be taken into account as they would have been anticipated by the parties at the AVD. Trade evidence that includes long periods of lockdowns, is unlikely to provide good evidence of the FMT at the AVD. Valuers are advised to take as their starting point the closest reliable trade, which is likely to be the 2019/2020 trading year (ending March or before) and any previous trading years.

1.9 Having established the likely FMT for the 19/20 trading year (ending March or before), the valuer should then consider any further adjustments needed to reflect the receipts envisaged as at 1 April 2021. The ‘reasonable efficient operator’ will take a view not only on the trade immediately achievable at AVD, but the anticipated trade over a period of time ahead, as they are assumed to be taking a tenancy with a reasonable prospect of continuance.

2. Changes from the last practice note

2.1 There are no changes from the broad principles followed for the 2017 Rating Lists and the approach therefore remains the same.

3. Ratepayer discussions

3.1 None at present.

4. Valuation scheme

4.1 If full accounts are not available the valuer may adopt a percentage of gross receipts.

4.2 The warnings in the main Rating Manual Section about income variability still apply, and events are still very much subject to the weather. Fixtures held in April and May (especially bank holiday fixtures) tend to attract the larger crowds. Accordingly, only a modest percentage should be applied when arriving at the RV by adopting a percentage of the gross receipts, the majority of courses being valued in the 4% to 7% range, which should be verified by local rental evidence where possible.

4.3 See the valuation guidance within Rating Manual: section 6 Part 3: Valuation of all property classes: Section 795: Point-to-point Courses.

4.4 In the light of 4.2 above it is particularly important for valuers to adopt a “stand back and look” approach before making a final decision on valuation.

Practice note 1: 2017 - point-to-point race meetings

1. Market Appraisal

This sport remains as popular as ever from the spectators’ perspective, and point-to-point racing remains an attraction in rural communities that provides recreation and enjoyment to a wide range of people.

The 2014/15 Point-to-Point season (November to May) had 190 Point-to-Point fixtures, staged on 116 courses, and major national sponsorship of leading jockey series competitions continued to feature strongly. The sport is governed and regulated by the British Horseracing Authority.

The uncertainties presented by the Hunting Act 2004 have been resolved and the numbers of horses entered for race meetings remains as buoyant as ever.

However, the “professionalism” needed to run a day’s racing continues to increase and is still evidenced by ever more stringent health and safety requirements. These incur ever-greater costs to organisers and thereby increasing pressure to share an established course, or, in the case of traditional, once a year, single meetings, reducing net income. This is evidenced by the reduction in Point to Point fixtures from 2007/08 when 213 fixtures were held. A loss of 23 fixtures since the previous antecedent valuation date.

2. Changes from the last Practice Note

There are no changes from the broad principles followed for the 2010 Rating Lists and the approach therefore remains the same.

3. Ratepayer Discussions

None at present

4. Valuation Scheme

As a matter of pragmatism, if full accounts are not available, the valuer may need to resort to adopting a percentage of gross receipts.

The warnings in the main Rating Manual Section about income variability still apply, and events are still very much subject to the weather. It is no surprise that those fixtures held in April and May (especially bank holiday fixtures) tend to attract the larger crowds. Accordingly, only a modest percentage should be applied when arriving at the RV by adopting a percentage of the gross receipts, the majority of courses being valued in the 4% - 7% range, which should be verified by local rental evidence where possible.

See the valuation guidance within RM : S6 : Part 3 : S1085 : Leisure Attractions: Practice Note 1 : 2017 (https://www.gov.uk/guidance/rating-manual-section-6-part-3-valuation-of-all-property-classes/section-1085-leisure-attractions)

It should also be remembered that an unrealistically high rating assessment could easily turn a small profit on a point-to-point meeting into a substantial loss. Therefore there is a real need for valuers to adopt a “stand back and look” approach before making a final decision on valuation issues.