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14 Jan 26
13:01
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22 Oct 02
According to the RP gets discharged from bankruptcy Saint Patricks day. How is it possible he doesn't have to repay HMRC debt so soon; it's not as if he is not earning?
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Replies: 115
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Was just reading about this....Quite possibly the most famous jockey of all time and he is struggling to pay a tax bill.
There is no way he is short of a pound note or 3 so something clearly not right here. |
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The tax liabilities are for limited companies!! HTH
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I know that’s a lot to most people but to a sportsman in a major sport that’s awash with money who’s been at the top for over 30 years it’s not a lot of money.
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According to AI Dettori's Net Worth was previously estimated around £18 million Career earning over £153 million in prize money and 20 million in riding fees. Has the money really all gone i.e. he can't pay an HMRC tax bill to save his reputation?
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Glen - should we then read this as he has the funds but has chosen to hide behind the Limited Company status
thus absolving him of the debt? |
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Just the way the law is NEC, only if he had done something dodgy within the companies would he have any personal liability.
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Walks away with a bit of shame and embarrassment and the bank account still full of cash . Nice work Frankie.
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great jock. absolute stinking person.
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Thank you for NEC....I was about to type exactly the same point.
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No doubt he will have been taking out lumps in dividends from the Limited Company as well.
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No doubt all the TV a**e lickers will be all over him when Ammo racing get going this year and he will be there being interviewed as their representative,just wait, it will be sickening.
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Headlines totally misleading .Frankie Dettori unable to pay.................. when its the LTD company of which he is a director. Wonder if hes still got his pad in Newmarket that he was looking to rent out for around £12k plus a month when he left for the states.
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yeh Geoff read that as I dont have to pay so I wont!
meanwhile joe public get hammered every month no better than that vile Mone creature |
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Not that they have many principles these days, seeing the types British racing gets involved with, i.e. anyone and everyone, but shouldn't he be excluded over this?
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Liability on Limited Companies are well established.
Nothing to see |
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Thompson 1501 post bang on
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At least he never gave them a cheque from an account he hid from them!!
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They may be well established but it doesn’t make it any easier to swallow.
It’s ridiculous that a director of a firm can rack up massive debts, probably sending other firms into the mire at the same time, yet their personal fortune remains untouched. It’s like a get out of jail card. If you do well you’ll prosper. If you fail then it doesn’t matter. Your creditors will take the hit. Shame on Frankie. |
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mome / barrowman make dettori look like the virgin mary
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Naturally,he remains a mongrel
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Lots of flip side to that kenbo, not many people would want to own a business where their own house is on the table for creditors. Some things are completely out of our control that can finish a business, eg bad debts!
It's far easier to recover debts from a ltd, as long as they are liquid. eg unpaid wages. Obviously it cuts both ways. And limited you are expected to publish your accounts. |
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Definitely not comparing to the great Lester......but similar to a point
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..situations I mean
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Lester was a mean person who hated parting with any money at all but was undoubtedly the greatest Jockey ever,Horatio
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...would not disagree with a single word there UTI...My Dad adored him to the point of having pictures of his rides on his front room wall. Also said he was tighter than a fat blokes zipper.
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I can appreciate that, Cider.
Still pretty irksome though. Morally bankrupt!!! |
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The peoples champion
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Reptile……
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think of the kids in private schools, bankruptcies considered a right of passage as compared to stigma of free school meals/breakfast clubs etc,
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Stand by all.....Glen will be here with all of the legal loopholes that nobody else knows....Only Glen.
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Although hard to stomach, free enterprise would not work unless limited companies existed.
But what annoys me is when dogy ideas are put under the banner of a limited company so the owner can escape debt retrieval if it all goes belly up. Frankie has probably allowed the latter to happen through trusting cowboy advisors. He would do his image a great deal of good if he laid bare his personal financial situation and, if he still has big money and assets to his name, made a reasonable sized payment to the HMRC out of it. |
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There is more chance of Aceform winning on the year,The Knight
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No, two hopes. No hope and Bob Hope!!!
Imagine if, down the line, Frankie gets a job as an ITV Racing pundit. # HMRC spend big money with ITV advertising their latest wheezes - so how ironic ITV taking HMRC money while then paying a bloke out of it who has stuffed the HMRC for 3/4 million! You could not make this country up now, such is its pure stupidity. |
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Both of the Dettori companies effectively operated as tax avoidance schemes - several million were paid in originating from various forms on income received by Dettori - then payment paid out to a 'trust' that on turn paid out money to a third party - when the HMRC ruled that the schemes were illegal after several years of dispute - tax was levied on the original revenues - however the companies had no assets because they had already vanished off to the trust. You may well ask where the money is now. I could not personally comment.
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Possibly comment ;)
Similar to the bbc ruse. Shell companies aren't illegal per se. It still stands that there is no personal liability related to a company. The activities of a company could be illegal. |
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It's unacceptable for Dettori to swindle HMRC off £750k given the colossal financial benefit he derives from horseracing, then cosily hiding behind a bankruptcy engineered solely to facilitate his nest egg.
Shame on Mr Dettori. He ought to be persona non grata in the horseracing circle and racecourses. |
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Implausible strikes again
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F I L T H
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a horrible little person, will be lauded etc by itv during royal ascot again this june
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