British racecourse (5)

I believe the answer is:

ascot

(Other definitions for ascot that I've seen before include "English town" , "Coats (anag) - racecourse" , "Where the Queen often sees racehorses" , "Royal Berkshire race-meeting (and fashion show!)" , "Broad necktie" .)

I've seen this clue in the L.A. Times Daily, the Family Time and the Sydney Morning Herald.

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