Frankie Dettori Bankrupt

[Euler]

Frankie Dettori, the world's most famous jockey, has announced he is filing for bankruptcy.

Dettori, who revealed he had been unsuccessful in efforts to resolve financial difficulties with HMRC, said: “For the last six months, my advisers have been working with HMRC in an attempt to find a solution to my financial situation. Regretfully, I will be filing for bankruptcy.

“I am saddened and embarrassed by this outcome and would advise others to take a stronger rein over their financial matters. Bankruptcy is a major decision and its consequences will affect me for many years."

https://www.racingpost.com/news/britain ... XB7u5OW1m/

[greenmark]

Frankie Dettori, the world's most famous jockey, has announced he is filing for bankruptcy.

Dettori, who revealed he had been unsuccessful in efforts to resolve financial difficulties with HMRC, said: “For the last six months, my advisers have been working with HMRC in an attempt to find a solution to my financial situation. Regretfully, I will be filing for bankruptcy.

“I am saddened and embarrassed by this outcome and would advise others to take a stronger rein over their financial matters. Bankruptcy is a major decision and its consequences will affect me for many years."

https://www.racingpost.com/news/britain ... XB7u5OW1m/

Thats astounding. I'm not a racing aficionado but even I am aware he was a "go to" rider for trainer/owners. What has he done with his money?

[Fugazi]

Frankie Dettori, the world's most famous jockey, has announced he is filing for bankruptcy.

Dettori, who revealed he had been unsuccessful in efforts to resolve financial difficulties with HMRC, said: “For the last six months, my advisers have been working with HMRC in an attempt to find a solution to my financial situation. Regretfully, I will be filing for bankruptcy.

“I am saddened and embarrassed by this outcome and would advise others to take a stronger rein over their financial matters. Bankruptcy is a major decision and its consequences will affect me for many years."

https://www.racingpost.com/news/britain ... XB7u5OW1m/

Thats astounding. I'm not a racing aficionado but even I am aware he was a "go to" rider for trainer/owners. What has he done with his money?

The majority of the population has zero understanding of financial management or investment.

Doesn't really matter to most, just stick it in an isa or buy a house. You won't make much growth but won't really cause much harm.

However when you have a LOT of money, that's strangely when lack of financial knowledge becomes most damaging.

[greenmark]

Frankie Dettori, the world's most famous jockey, has announced he is filing for bankruptcy.

Dettori, who revealed he had been unsuccessful in efforts to resolve financial difficulties with HMRC, said: “For the last six months, my advisers have been working with HMRC in an attempt to find a solution to my financial situation. Regretfully, I will be filing for bankruptcy.

“I am saddened and embarrassed by this outcome and would advise others to take a stronger rein over their financial matters. Bankruptcy is a major decision and its consequences will affect me for many years."

https://www.racingpost.com/news/britain ... XB7u5OW1m/

Thats astounding. I'm not a racing aficionado but even I am aware he was a "go to" rider for trainer/owners. What has he done with his money?

The majority of the population has zero understanding of financial management or investment.

Doesn't really matter to most, just stick it in an isa or buy a house. You won't make much growth but won't really cause much harm.

However when you have a LOT of money, that's strangely when lack of financial knowledge becomes most damaging.

Fair point. Thats why we need reliable financial advisors. There are plenty out there. So it's weird that such a successful person can wind up bankrupt. Bad advice or he ignored it.

[wearthefoxhat]

Avoiding tax is the main priority for those with who earn copious amounts, so. there are those that create tax avoidance vehicles that don't always follow the legal rules, thereby, get interpreted as tax evasion.

The HMRC will always want to test/challenge them in courts/tribunals. if they can undo one and show the framework is illegal, that then opens up everyone else involved in them too, and the many £millions then becomes due for payment.

A financial/tax expert should be held accountable for poor advice, but ultimately the HMRC will pursue the individual(s) concerned.

It appears Frankie D tried to come to some agreement, but unable to do so. The problem is, a bankruptcy doesn't stop you owing money to the HMRC if they then put a claim into the official receiver. They would have to accept the OR's plan of repayment and not keep hounding Frankie through the courts...etc

Frankie D will be able to keep his home and certain assets, but there may be a tax lien on his future pension pot. Not sure what the rules would be if he remained full time in the states and never returned to this country. (assuming they would have him)

[jamesedwards]

I imagine the problem is you earn a shed-load of money, spend most of it, thinking you're set for life on the remainder, only for the taxman to unexpectedly rock up demanding a great big whack.

eg earn £100m, spend £90m, taxman turns up wanting £30m.

[elofan0]

I feel sorry for the jockeys earning a lot less than dettori £160 million, he has been outstanding in his profession but no matter who we are we all have to pay tax , he helped me win a grand when he had all the winners , i only put a canadian on and my last horse let me down in the bog that day I was on my knees screaming at the TV ... Looking back Lester Piggot had to serve his time in jail back in the day that was a major shock too

[BFDon]

Frankie Dettori, the world's most famous jockey, has announced he is filing for bankruptcy.

Dettori, who revealed he had been unsuccessful in efforts to resolve financial difficulties with HMRC, said: “For the last six months, my advisers have been working with HMRC in an attempt to find a solution to my financial situation. Regretfully, I will be filing for bankruptcy.

“I am saddened and embarrassed by this outcome and would advise others to take a stronger rein over their financial matters. Bankruptcy is a major decision and its consequences will affect me for many years."

https://www.racingpost.com/news/britain ... XB7u5OW1m/

Thats astounding. I'm not a racing aficionado but even I am aware he was a "go to" rider for trainer/owners. What has he done with his money?

The majority of the population has zero understanding of financial management or investment.

Doesn't really matter to most, just stick it in an isa or buy a house. You won't make much growth but won't really cause much harm.

However when you have a LOT of money, that's strangely when lack of financial knowledge becomes most damaging.

Which is mad because money management and investing is actually really simple and can be DIYd for most. If I was looking into a scheme to try and lower tax, i'd be ringfencing any money i 'saved' for a long while just in case HMRC came knocking.

[weemac]

Wasn't there a row a few months back over appearance money offered by courses and his failure to turn up (or something like that)?

[ShaunWhite]

The idea that people operating at his level don't know where to find either a straight, or a dodgy accountant is disingenuous to say the least

[elofan0]

Thats true Shaun if he cant find a good accountant no one can

[BFDon]

https://x.com/DanNeidle/status/1900494272786305314

[Fugazi]

The idea that people operating at his level don't know where to find either a straight, or a dodgy accountant is disingenuous to say the least

Suppose the problem is even if you do your research and get a good accountant, if they slip up, you're the one in hot water

[greenmark]

I just find it odd that someone so apparently bright can end up bankrupt. Did he overstep legality to try to evade tax?

[JuiceyJones]

So Frankie will be riding Gulfstream until hes 80 then?