David Ellis, Karaka’s biggest buyer, blames IRD for bleeding bloodstock sales

Tue, 04 Feb 2014

By Suze Metherell Feb. 5 (BusinessDesk) – David Ellis, the biggest spender at New Zealand’s premiere Karaka horse sales this year, says the tax department is stifling new investment in the bloodstock industry with its interpretation of depreciation rules. The value of yearling sales at Karaka in South Auckland have fallen in each of the past six years, reaching $69.7 million last month, down from $111.2 million in 2008. That’s below the average $83.9 million in the past seven sales. The number of catalogued horses has fallen 12 percent in th...

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