Frankie Dettori Faces £765,000 Tax Debt After Company Liquidation
Frankie Dettori, the renowned three-time champion Flat jockey in the UK, currently faces a significant tax debt, totaling £765,000. This debt stems from the liquidation of his companies, Frankie Dettori Limited and Newmarket Activities Limited.
Background on Bankruptcy and Tax Debt
In March of last year, Dettori revealed that he had been declared bankrupt by HM Revenue & Customs (HMRC) due to unpaid taxes related to a tax avoidance scheme. Following a court case with HMRC, he worked to mitigate the financial difficulties attributed to advice from a financial adviser.
Liquidation Details
A report released on Companies House indicated that there will be no funds available to repay the debt owed to creditors. The total liability, including the liquidator’s fees, exceeds £888,000. Specifically:
- Tax debt owed to HMRC: £765,542
- Debt owed to car leasing company: £6,391
- Total amount owed: £888,799
The report indicates that it is unlikely that unsecured creditors will receive any return due to insufficient funds. This situation may evolve based on ongoing investigations.
Future Plans for Frankie Dettori
Despite the financial challenges, Frankie Dettori is set to ride in his final events before retirement in Brazil next month. This comes after a farewell tour across South America, where he achieved wins in both Argentina and Uruguay.
New Role at Amo Racing
Following his retirement, Dettori has accepted a full-time position as a global brand ambassador for Amo Racing. This role was announced publicly in October and includes various responsibilities:
- Visiting and engaging with the horses
- Interacting with the media
- Advising on operations and improvement strategies
Dettori expressed his sadness and embarrassment regarding his bankruptcy, advising others to manage their financial matters diligently. He is set to be automatically discharged from bankruptcy on March 17.
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