Pool money is a percentage of the prize money won by a horse in your yard. This is calculated by the British Horseracing Authority (BHA) and then two sheets (returns) are sent out four times a year to the trainer. These sheets note the amount won in Pool Money for that quarter, and a list of staff members who are registered with the trainer.
There are very specific rules regarding pool money:
- The trainer MUST NOT decide, or be involved in the decision as to how this money is shared out
- The allocation must be based on a criteria decided by the employees, and this criteria must be displayed in a place that can be inspected by all members of staff (i.e. Tack Room)
- Once the pool money return has been completed, one copy MUST be sent back to the BHA and one copy MUST be displayed, again where all members of staff can see it.
- Pool Money is paid without National Insurance deductions
- Income tax must be deducted from Pool Money
Whilst every yard may allocate their pool money in different ways, the criteria for the specific yard should be followed. For example, it may be decided that if an employee leaves their employment midway through a pool quarter then they may receive a proportion of that pool money, or if they leave midway through then they would receive none of the pool money.