Sky Chase (NZ)

The Group III Somerville Stakes (7f) was run at Newmarket overnight with the Godolphin blue carried by exciting Night of Thunder colt Distant Storm, who they purchased for a sale-topping €1.9million at the Arqana May Breeze Up Sale earlier this year.

One of the key areas in thoroughbred taxation is accounting for trading stock and ensuring the tax closing value is properly ascertained. You’d be quite surprised of the enormous difference to the tax position of any racing player where trading stock problems occur.