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via racefans.netSpotlight: Scheckter plans appeal over court’s demand he pay £1.5m tax bill | BriefJody Scheckter, the 1979 Formula 1 world champion, is appealing a court ruling that requires him to pay a tax bill of £1.5 million. The demand comes from His Majesty's Revenue and Customs following the closure of his organic farm business in Hampshire two years ago.
Scheckter expressed his determination to fight the decision, stating that illness hindered his participation in the tribunal hearing. He believes he did not violate any laws and plans to contest the ruling, despite acknowledging his wife's advice to settle the matter earlier.
Fri 25 Sep · 07:38 UTC
via gpfans.comF1 champion loses £1.4million tax battle with HMRCJody Scheckter, the 1979 Formula 1 world champion, has lost a significant tax battle with HMRC, resulting in a £1.4 million tax bill. The case centered around his buffalo farming operation in Overton, Hampshire, which he heavily invested in but ultimately failed to turn a profit. The tax inspector determined that Scheckter incorrectly applied sideways loss relief, which is only valid if the farm becomes profitable within five years of establishment. The farm was closed in 2024 after years of financial losses.
Judge Tony Beare, who ruled against Scheckter, expressed regret over the outcome, praising Scheckter's original intentions for the farming venture. Despite acknowledging the former racer's passion for promoting organic food and healthier eating, the judge noted that Scheckter underestimated the challenges of the farming industry. Scheckter admitted to making mistakes in his approach, including overcommitting financially and not heeding expert advice, which contributed to the business's struggles.