Your horses will be running in races on which the general public can place bets, they will compete against horses belonging to other owners. It is to protect the participants and the public from any wrongdoing that the approval of the stewards of France Galop is necessary.

If all potential shareholders (max of 20) are already approved by France Galop, they can declare their association and the level of participation (percentage owned) by means of a contract of association. At least one owner must be registered as a silk owner (he/she will be the managing owner), but other owners can be registered as associate owners.

All registered owners are members of the France Galop association. With this, comes free access to all French Racecourses, 4 additional invitations for every meeting on a France Galop Racecourse (Auteuil, Chantilly, Deauville, ParisLongchamp & Saint-Cloud), access to a private area with internet, aswell as other privilages which are detailed here.

If the authority with which you are registered as an owner adheres to the International Agreement of Breeding and Racing, and if its policies correspond to those of France Galop, it will speed up your registration process. An application for will still have to be filled out however.

Yes, as long as they have not been taken by another owner,this can occur after 5 years of disuse. Also as long as no other heir comes forward to claim them. Approval is however required from their previous user.


Yes, although this is limited to 5 horses, and you must have passed a training course and an examination - the same as that of a fully-licenced public trainer.



Yes, with all legal operators.


The price of a horse varies according to factors such as its breeding ("pedigree"), age and performance.
It is advisable to contact a trainer or a bloodstock agent to guide you in your purchases.

Horses in training: The purchase can be made either privately, at a public sale or during "claiming" races. In the latter, horses are for sale at a price decided before the race and indicated on the day's racecard. After the race, interested parties can submit a secret ballot, directly or through a trainer, indicating the price at which they wish to acquire the horse. The ballots are then counted and the highest bid is selected.

Breeze Ups: This is a term used to describe a particular type of sale for 2 year old horses. They are galloped ("breezed") over a short distance, normally about 2 furlongs (400 metres) for potential purchasers to watch. They are then presented in hand (the following day), for people to get a closer look. This is followed by a public auction of such horses. This process mainly exists for flat horses and is rather uncommon for jumps horses. The Breeze Up sales normally take place in the Spring and early Summer. Breeze Up sales give purchasers an opportunity to get a glimpse of these your horses talents before making their debut on a racecourse.

Yearling: A young horse is referred to as a yearling from the 1st January following its birth to the 1st January the following year (effectively a 1 year old horse). All racehorses have their birthday on the 1st January each year. Yearling sales, which take place from August to November, are a popular way to source young talent. These are horses that are unbroken, meaning they have never been ridden. These yearlings can make their racecourse debuts as 2yo's the following spring.

Foal: A young horse is called a foal from the day it is born until the 1st January the following year. Foals can be purchased privately from their breeders or at public auction in November-December time of each year.

Please see below a list of French Sales Agencies:

- Arqana : https://www.arqana.com/

- Osarus : https://www.osarus.com/o/

- Auctav : https://www.auctav.com/

- I Want The Winner : https://iwantthewinner.com/fr

They vary according to the trainer, the place of training, and of course according to whether you are the sole owner or an associate owner of a horse (costs will be divided by the amount of people involved in the horse).

The average cost of monthly training fees in France is between €1,500 and €2,500 or between €18,000 and €30,000 per year.

The Prize Fund amount of a race is divided among the owners of the horses ranked from 1st to 5th place:

    1st: 50% of the total prize money
    2nd: 20% of the total prize money
    3rd: 15% of the total prize money
    4th: 10% of the total prize money
    5th: 5% of the total prize money

For some races, the 6th and 7th places also receive prize money.


  • Owner: 75% (with a percentage going to the stable staff)
  • Trainer: 14% (with the percentage going to the stable staff)
  • Jockey: 8.5% (with the percentage going to the jockeys' compensation fund)
  • 2.5% of social charges


France Galop pays an additional premium on top of prize money to owners of flat and jumps horses born and raised in France (or FR-assimilé).

For flat horses :

    For 2 and 3 year old horses: + 80% of the prize money
    For horses aged 4 and 5: + 55% of the prize money
    For horses aged 6 and over: + 45% of the prize money
    It is + 35% in Group 1 races (again, in addition to prize money)


For jumping horses:

For fillies aged 3 and 4: + 15% of the prize money

For more information on French Owners' Premiums and FR-Assimilé, click here.


    Being a racehorse owner is an exceptional hobby which, because it generates income and can be qualified as a professional activity depending on the conditions under which it is practiced, necessarily requires consideration of the tax system best suited to each individual case.

    It is to answer this question that France Galop has published this tax section which will give you an initial overview of the various tax situations you are likely to adopt.

    Your attention is drawn to the fact that the information contained in this section of the guide is only a summary of the tax regime applicable to horse owners given for general information purposes and is not intended to constitute an exhaustive analysis of the tax consequences that may apply to them.

    The tax information contained in this section is based on current French tax legislation and may be affected by changes in legislation and regulations (with retrospective effect where applicable) or by a change in the interpretation of such legislation by the tax authorities.

    It is recommended that the owner seek advice from a qualified tax advisor on the tax treatment of his or her particular case.



    This category includes the vast majority of owners. This is the owner who simply entrusts his horses to a trainer without exercising any diligence.



    This is the one who carries out his activity on a regular and constant basis and for profit.



    This is the person who entrusts his horses to a trainer while exercising due diligence on his training and/or racing career.


    Here, only the status of the non-breeder, non-trainer owner is dealt with. For mixed situations, we invite you to contact the Syndicates concerned. France Galop can provide you with their contact details.

    Exemption of gains but taxation of capital gains on disposal.

    Most important texts :

    • Conseil d’Etat ruling of 26 March 1953
    • Conseil d’Etat Opinion of 26 July 1977
    • Conseil d’Etat ruling of 7 May 1980
    • The tax authorities’ official guidelines BOI-BNC-SECT-60-10- n°1, 04/07/2018 [link].


    Reminder of the characteristics : 

    The most frequent and simplest case. This is the case of the person who simply entrusts his horses to a trainer without exercising any diligence (initiatives or controls). An important indication is the standard contract signed with the trainer.

    The French Supreme Court (Conseil d’Etat), in its decision of 7 May 1980, considered that an owner who, in the context of the management of his private assets, limits himself to ensuring the maintenance of one or more horses by paying a trainer the agreed boarding price cannot be deemed to be engaged in an exploitation or lucrative constituting a source normally producing income and that consequently he is not subject to Article 92 of the Code Général des Impôts, (CGI) (click here).

    On the other hand, when the owner has material installations and personnel enabling him to participate in the preparation and training and to this end takes initiatives and carries out controls, he gives his activity the character of a lucrative occupation within the meaning of Article 92 of the CGI liable to income tax in the category of non-commercial profits (BNC) (Decision of the Conseil d’Etat of 7 May 1980). The same applies to the owner with a training permit.

    The tax authorities consider that the Conseil d’Etat has not given a limitative list of cases of initiatives and controls and claims to be able to assess each case individually.



      • Tax regime of the non-intervening owner : 
    • The gains from races that he makes as well as the premiums to which he is entitled by virtue of his status as owner do not fall within the scope of income tax and his losses cannot be set off against any income. As a result of this exemption, it is not possible to deduct expenses incurred and to set off losses incurred in the course of the business.
    • The capital gain from the sale of a horse, on the other hand, remains taxable and is subject to the taxation regime for capital gains on movable property realised by private individuals (CGI art. 150 UA). As an exception, if the sale price is less than or equal to €5,000, any capital gain is exempt.
    • The owners' capital gain is reduced by an allowance of 5% applicable for each year of ownership beyond the second.

    The net capital gain after deduction is taxed at the overall rate of 36.2% (i.e. 19% plus social security contributions of 17.2%). It is the taxpayer's responsibility to declare the capital gain within one month of the sale, to the tax office of his residence with simultaneous payment of the tax.

    • In terms of VAT, the non-intervening owner is deemed not to be liable to VAT in principle.

    Professional B.N.C 


    Reminder of the characteristics : 

    This is the owner [who does not meet the conditions for exemption of gains from races and] who carries on his activity on a regular and constant basis and for profit (cumulative criteria). Important (but not sufficient) indication of professional character: the engagement of horses in races at the owner's instruction. 

      • Tax regime of the professional owner :

    B.N.C. tax declaration

    1. The owner who does not meet the conditions for the exemption of racing gains is taxable in the category of commercial profits.
    2. He will have to file a B.N.C. declaration and we advise the controlled declaration Form 2035 (click here), to be validated by your usual adviser according to your situation.
    3. The net operating profit is made up of the difference between the income received (essentially the racing gains won) and the expenses paid during the tax year (in particular the cost of boarding and depreciation of the horses).
    4. The horses will be booked as fixed assets account as soon as they are acquired and the tax authorities accepts that racehorses can be depreciated over 3 years (i.e. at a rate of 33%) (BOI-BNC-SECT-60-10- § 140, Note).
    5. It is compulsory to keep a register of fixed assets.



    Capital gains tax regime :

    • The owner declaring to the B.N.C. benefits from the regime of professional capital gains :
    • When the activity has been carried on for less than five years, capital gains on the sale of horses are taxed :
    1. According to the short-term capital gains regime if the disposal takes place before two years of registration in a fixed asset account, taxable at the income tax rate but with the possibility of spreading it over the current year and the two following years.
    2. If the disposal takes place after two years, the long-term capital gain will be taxed at the overall rate of 30% (12.8% income tax allowances plus social security contributions at the rate of 17.2%), although the amount of the capital gain corresponding to the depreciation allowances applied will be deemed to be short-term.).


    Tax Treatment of operating losses : 

    1. The qualification of the activity as professional is of particular importance when it is loss-making as it determines the conditions for the offset of deficits.
    2. Thus, when the activity is professional in nature, the deficit is deducted from the profit of the same nature during the tax year, and in the absence of such profit, the loss is offset against the overall income under the conditions of ordinary law.
    3. The tax authorities specify in their guidelines the indications that allow to assume that the activity is carried out in a professional manner (BOFIP BOI-BNC-SEC-60-10 updated on 04/07/2018) (see [link]).
    4. The Tax authorities now admits that the activity remains of a professional character even when the owner exercises another profession providing him with his main livelihood.


    Tax Treatment of operating profits : 

    1. After deduction of any potential losses, they are added to the year's income and are liable to the income taxation (I.R.P.P). For all questions relating to owner-breeders, you please contact the relevant unions.


    VAT :

    1. VAT taxation is compulsory above the turnover referred to under article 293 B of the CGI (36.800 € to 91.900 €) (excluding sales of fixed assets horses), and taxation is recommended (upon election to tax) below this threshold in order to recover the input VAT on the expenses of this activity.


    Miscellaneous :​​​​​​​

    1. The territorial economic contribution and individual social charges are applicable.
    2. It is advantageous to join an approved association (Association Agrée).
    3. It is strongly recommended that all operations relating to this activity be carried out through a specific bank account and that all accounting documents be kept.

    Non-professional B.N.C

      • Reminder of the characteristics : 

    A trainer is someone who entrusts his or her horses to a trainer while exercising due diligence with a view to obtaining a source of income, but who is not a professional (i.e. does not exercise his or her activity on a regular and constant basis and with a view to profit).

      • Tax regime of the professional owner : 
    1. Gains and premiums received by a non-professional intervening owner fall within the scope of income tax in the category of non-commercial profits (B.N.C).
    2. As the activity is not professional, the loss cannot be deducted from the overall income. The loss can only be deducted from income of the same kind for six years.
    3. The regime of short and long term capital gains is applicable to this category in the event of the sale of a fixed asset, i.e. a horse. Non-professional B.N.C can join an approved association (Association Agrée).
    4. VAT: the non-professional owner is deemed not to be subject to VAT in principle (BOI-TVA-SECT-80-10-30-10 §30, updated to 02/06/2021) [Link]


    In conclusion 

    The representative owners' associations are at their disposal to provide new owners with any additional information, if necessary, in the day-to-day management of their tax affairs.

    In parallel, we strongly recommend that you consult a qualified professional advisor who will be most competent to define with you which tax regime you are subject to and its particular modalities, in particular insofar as the professional regime is defined according to factual circumstances.


      Non-intervening owner Non-professional intervening owner Professional owner 
    Characteristics Entrusting horses to a trainer without exercising any digilence Entrusts his horses to a trainer while exercicing diligence in order to develop a source of income.  Carries ou its activity on a regular and constant basis and for profit, but not necessarily as its main activity.  
    Indicative criteria Standard contract between owner and trainer   Evidence of involvement in the management of the horse's career ("activité libérale") 
    Earnings and premiums Exempt from income tax  IRPP - Non profesional B.N.C  IRPP - professional B.N.C. 
    Contribution Economy Territiorial Non taxable Non taxable Taxable
    Depreciation of horses Non applicable  Duration : 3 years Duration : 3 years
    Social security contributions Non taxable Non taxable Subject to tax
    Loss Non deductible/ offsetable Taxable on profits from activities of the same nature, within six years Offsetable against on the overall income of the hoursehold
    Profit and CSG Non taxable  Taxable for income tax and CSG (in the absence of tax loss carry-forwards)  Taxable for income tax and CSG 
    Capital gains

    Capital gains tax regime for individuals : 

    Deductions : 5% for each year of ownership beyond the second (movable propert). 36,2% tax rate (19% + 17,2% (CSG + CRDS + PS))


    Short-term and long-term profesional capital gains regime

    Short-term and long-term professional capital gains regime. Tax exemption (after five years of activity). 

    Average revenue  (before tax) of the tow previous years : : 

    - < €90.000 : total exemption

    - between €90.000 and €126.000  : partial exemption

    Exemption from social security contributions : only on long-term capital gains.

    VAT Outside the scope of VAT Outside the scope of VAT  Possibility of election for VAT if turnover (excluding sale of horses) < €36.800 for services or € 91.900 for sales. Compulsory above that amount (general regime)


    Tax official guidelines :

    See BNC

    See TVA

    Guidelines available on www.france-galop.com



    Glossary : 

    CSG: Contribution Sociale Généralisée

    CRDS: Contribution au Remboursement de la Dette Sociale

    PS: Social Security Levy

    BNC: Non-Commercial Profits

    CGI: French Tax Code, Code Général des Impôts