British taxpayers face a loss exceeding £765,000 following confirmation that legendary jockey Frankie Dettori cannot repay his substantial tax debt.
A Companies House filing published yesterday revealed that the liquidation of Frankie Dettori Limited and Newmarket Activities Limited will yield nothing for creditors.
The 55-year-old racing icon was declared bankrupt last year after becoming embroiled in a tax avoidance scheme that HMRC subsequently challenged.
The liquidator’s report stated: “Assuming that realisations and expenses are as anticipated, it is not expected that there will be a return to unsecured creditors due to insufficient funds.”
Frankie Dettori cannot repay his substantial tax debts
|
PA
The update noted this remains subject to change pending final investigation outcomes.
Dettori disclosed his bankruptcy in March last year after six months of unsuccessful negotiations with HMRC to resolve his financial predicament.
The three-time British champion Flat jockey had initially sought to keep his identity concealed during tribunal proceedings, but the High Court rejected his anonymity plea in December 2024.
Following his unmasking, Dettori expressed deep regret about his circumstances.
“I am saddened and embarrassed by this outcome and would advise others to take a stronger rein over their financial matters,” he said at the time.
Frankie Dettori admitted he is embarrassed by the situation
|
PA
“Bankruptcy is a major decision and its consequences will affect me for many years.”
The Italian-born rider blamed a financial adviser for creating a structure he believed had received HMRC approval.
The outstanding sum owed to the taxman stood at £765,542 as of October last year, according to the liquidation documents.
An additional £6,391 was due to a car leasing firm, bringing creditor claims to nearly £772,000.
When liquidator fees are factored in, the total liability reaches £888,799.
The report indicated that HMRC had raised significant concerns about both companies being utilised for tax avoidance purposes.
Solicitors Nelsons Law have been instructed to assist with ongoing enquiries, which the liquidator described as “still in their infancy”.
Frankie Dettori amassed nearly £20million during his career
|
PA
Several lines of investigation require further examination before any final conclusions can be drawn.
Dettori amassed an estimated £15-20 million from racing throughout his distinguished career, with 2019 proving his most lucrative year when his mounts earned £7.3 million in prize money.
The charismatic Italian accumulated more than 3,300 victories, with his final 30 British wins generating £5.5 million for connections.
He departed British racing in October 2023 before relocating to America, and is presently completing a farewell tour of South America.
His final competitive rides will take place in Brazil next month, after which he will be automatically discharged from bankruptcy on March 17.
Dettori will subsequently assume a full-time role as global brand ambassador for Kia Joorabchian’s Amo Racing operation.