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Frankie Bankrupt
Frankie Bankrupt
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Replies: 197
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The old saying , if it looks too good to be true it usually is, comes to mind.
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oneten14 Mar 25 11:17
Yes but it's not fraudulent until hmrc challenge and prove it. They can challenge for years before a ruling is made. I had read about these ' efficient ' tax vehicles and asked my tax adviser and accountant about using one and was very firmly told not to as they invariably come unstuck as they are proved to be false and are dishonest. As I'm honest I took their advice and pleased I did. Honest apart from the bit where you asked them about the dodgy tax vehicles. |
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Perfectly honest , thank you die l.
I had read about them and enquired . It's perfectly normal to want to be tax efficient as no one likes to pay more than they have to. I am happy to be tax efficient - as all businesses should be, as long as it is legal. I would not be dishonest or do it if it was illegal, Hence why after I enquired I steered well clear. A big difference between asking out of curiosity and being dishonest. |
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Dan Neidle on Twitter gives the best explanation of the background I've seen if anyone is interested
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I am amazed he has lost so much money, but I also have not trusted financial advisers since the mid 1990s . I put 5k into a five year policy ,with about a 5@ return per annum. But only if I kept to the five year stipulation . Five years passed and I wanted to collect, only to be told there was a market correction, and I would have to pay a penalty if I wised to cash it in . Never been near a ‘financial advisor “ since !
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Will we see him riding round the gaffs next year?
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the only adage regards the taxman still remains true
owe the taxman 500 quid your in trouble owe the taxman 500,000 quid he,s in trouble  |
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reading the Dan needle thread ,it seems Frankie's tax adviser told him to use an already deemed illegal scheme ran by a struck off solicitor, criminal record for fraud who was an ex porn mogul,the same blokes scheme was used by to name a few rangers football club and Michelle mones hubby, involvesd putting your money in to a trust and then magicaly withdrawn the same amount less fees as TAX FREE/PAID,and apparently they charge 10% of the amount you put in to the trust, its been obvious for yrs in the business that these schemes are fraud/evasion and Frankie should be more upset with his advisers than the crook running the schemes, but he,s currently still representing Frankie in court,so no fall out
because of some loophole it's Frankie and the users who get chased.prosecuted and not the ex porn mogul advertising/creating the schemes, but everyone in this world no,s by now these schemes aren't going to get passed HMRC,Frankie allegedly been using the scheme for 5 to 6 yrs so we,ll be talking big potatoes |
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Do jockeys trade as a self employed individuals?
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Has he lost money , or is it a case that he hasnt enough money to pay tax over a number of years having been caught?
ive read nothing online about the whole thing , other than Mr Dettori saying he is embarrassed.....(no doubt at being caught trying to avoid tax?) |
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if he,s been investing 2 mill a yr + in to the trust for 6 yrs thinking it was tax free, at over 50% you,d be talking 6 million + he owes,which would explain the bankruptcy, lets be fair if Frankie thought it was kosher why wouldn't he be putting every penny he earned through the trust, what's the point in paying 60%+ effective tax rate on some of your money if someone,s convinced you paying next to nothing is legal
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He surely is property rich?
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he,ll be using the same argument as farmers,s around inheritance tax ,but if you have assets you should be made to sell them before been allowed to claim bankruptcy
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DrGordons 14 Mar 25 09:35
Two years ago Frankie split with his manager/agent Peter Burrell after 36 years. I wondered at the time whether there was anything up but both said there were no issues. Makes you think, though as negotiations with the taxman would have been going on then. I got the impression from reading between the lines after listening to that guy that he had nothing to do with any impropriety that was potentially going on and wanted to free himself from any association with it if the proverbial ever hit the fan. |
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This sojurn to USA.....He really didnt want to do it....
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There is no way on this earth he could have the time to spend the money he must have earned all those years while riding out / travelling / racing i mean how is that even possible?
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He's got a wife and many kids.
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Falling to pay tax on time
Can lead to penaties Of 100% PLUS interest o/s  |
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More money they get the greedier they get. Millionaire invests their money to get more money. Sad to see a legend like Frankie in this embarrassing situation but he should never have ended up in this mess.
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https://x.com/DanNeidle/status/1900494272786305314
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Pure greed. No sympathy.
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Having paid tax all my working/retirement life, I don't have any sympathy for any anybody involved with tax avoidance schemes caught out by the HMRC. In my group of friends, the richer they are the better they are advised at avoiding paying tax, especially when owning their own companies. I admire them for having the guts to work for themselves but the ways they can legally avoid tax is hair-raising.
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Self-assessment is open to so much abuse its eye-watering
I do my own one myself but know of others who employ "creative'' accountants could come crashing down at some point having taken their word it's all kosher, however the Tax Office simply don't have enough personnel to deal with anywhere near the returns submitted. |
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Tax dodging is illegal
Tax avoidance is immoral |
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what's more immoral in the case of Frankie.footballers etc,they,ll negotiate themselves a fee,deal which is what they think their worth NET,plus gifts etc and then pay for aggressive tax avoidance schemes to pick up as close to what they,d earn gross,and in sports terms its joe, public in tkt ,merchandise etc funding it
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Like i said jockeys have little if no morals
, Frankie is a little piece of ..... if this is his game . He needs to be named and shamed imo. |
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Just caught up on the news , he should be thrown into a cold dark prison for 10 years ! How disgraceful that rich entitled people think it is ok to behave this way ! This country is going down the pan , self entitled and horribly greedy , nasty little man
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Frankie blaming his tax adviser but if you paying nearer zero tax instead of 60% +, your not a fool or silly your a thief,fraudster,tax evader etc,as with Jimmy carr,Barlow,rangers football club etc no ones going to bedwetting about rich people getting their taxes down a little but to think it's ok to pay 3% or less,when your stable staff. au pair,gardener etc are paying 30% plus with NI,you need to be spending a spell in chokey while you think about what you've done
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Frankie's and the like skint is a world away from the normal working mans skint .
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should we feel sorry for him? like most wealthy people they have more than enough but they want more !
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My Turkish consultant psychiatrist friend earns over £100k per annum. She does not get any perk being in the NHS except a discount buying a new EV; the statutory annual holidays; pay off work when sick. Now, she's thinking seriously of heading to UAE for at least 2.5x her present salary (mainly tax free) plus better work conditions; many of her colleagues are there already. She works a 5-day week plus 40 min travelling each way, each day. At the weekend she's reports to write and finish. She also wants visas for her parents to child-mind her young daughter whilst there.
My friend detested some of her ex-neighbours claiming social security and child benefit and driving fairly new SUVs at her expense. Her neighbours were mainly foreigners. Can anyone blame her? The sole loser will be the state which financed her education (loan/grant paid back in full). Post UAE she'll probably emigrate to Australia, New Zealand or possibly Canada (cold). |
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Tax avoidance is immoral ? - What drivel.
Is everybody paying into an ISA or a pension immoral ? Everybody is perfectly entitled to manage their affairs to legally minimise their tax liabilities. In fact not doing so is gross stupidity. Tax evasion is a criminal offence. Frankie is a criminal and top of any dumb and greedy list. |
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The notion that all rich people cheat on their taxes is also nonsense.
Without the rich and their taxes the country would be potless - they keep the whole tax show on the road. You might not like it but it is the truth. |
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Tax avoidance is immoral
Thats some manure statement even by Betfair standards. |
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everyone knew what lester was , and he didnt really indulge in dettoris lifestyle, lester hid his money under his bed
 didnt try scams and tax avoidence schemes , lester was a skinflint and a person who didnt pretend to be anything else, nothing like this two faced dettori |
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Transferring some of your tax allowance to your partner, Opening an ISA, Plugging a few gaps in National Insurance - all very straightforward and easily done by yourself in a few minutes on-line.
Once you start hiring teams of lawyers, accountants and dubious "financial advisers" pedalling dodgy loop-holes schemes, forming shell companies and pretending that you are based in the Cayman Islands (when your business is based in Surrey and you live in Berkshire) - then you are taking the p1ss and you know you are taking the p1ss - you deserve anything you get if and when they catch up with you. Obviously there is a difference between a bit of sensible/prudent tax avoidance and outright tax evasion - but I would imagine most of the people that cross that line KNOW full well that they have crossed the line. The people "advising" them almost certainly know. |
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I understand he's filed for bankruptcy. Could he still end up for a spell at HMP if he pleads ignorance and poverty? HMRC does not just accept bankruptcy for what it is, surely, esp someone of his profile and career longevity.
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think jail would only be a possibility if he concealed assets from HMRC and they came to light later
as it did with Boris Becker, there are several conditions for bankruptcy and timeframes could come in play if he has put assets in his wifes name etc to avoid seizure and pay creditors (taxman) at least some of what he is owed. |
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Who remembers Quinn. Wanted to go bankrupt in ni . Told the authorities he lived there. cause it's quicker than roi. He did time. For hiding cash .Are his sons involved in quinnbet
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