Sir, - It is that time of year when breeders must register their thoroughbred foals. This includes paying the foal levy which I believe is unfair. The levy is calculated based on the advertised stallion fee which often is a very different figure to the fee breeders actually pay. Almost every covering involves a contract which states the agreed covering fee – why can this figure not be used to calculate the levy? Foal shares, where the stud agrees to waive the covering fee in return for a share in the resultant foal, are also not recognised by the current arrangement.

I estimate that last year 66% of foals sold at public auction in Ireland at a loss. To take just one example, you may remember the four teenagers from Belmullet who received great publicity last autumn when pinhooking two yearlings at a profit. These young entrepreneurs reinvested €9,000 in a Born To Sea filly foal – very good value given the sire’s subsequent sale-topping exploits.