HMRC Probe Frankie Dettori Companies Over Alleged Tax Dodge Scheme

Frankie Dettori’s companies have been investigated by HM Revenue & Customs (HMRC) in relation to an alleged tax avoidance scheme.

An investigation carried out by HMRC indicated that Frankie Dettori Limited and its associated company, Newmarket Activities Limited, were ‘utilised for the purpose of tax avoidance’.

The investigation came to light just 10 months after Dettori filed for bankruptcy. Both companies filed for voluntary liquidation and were wound up in October 2024, but they supposedly owe HMRC £765,542 and £765,774 respectively.

What are HMRC investigating?

The companies were created in May 2019, but only Frankie Dettori Limited was set up in the jockey’s name. Huge deficits were racked up by both companies, but HMRC raised ‘significant concerns’ in a document filed with Companies House earlier this week, accusing Dettori’s companies of alleged tax dodging before entering liquidation.

A statement read:

“HMRC have raised significant concerns that the Company and its associated company, Newmarket Activities Limited, have been utilised for the purpose of tax avoidance.

“An initial investigation into the Company’s affairs has been undertaken by the Liquidators in accordance with Statement of Insolvency Practice 2. The purpose of these investigations is to establish whether there are any potential asset recoveries or conduct which requires further investigation.”

The statement made clear that the liquidators had ‘identified several lines of enquiries for further review’. Meanwhile, HMRC mentioned they have instructed the solicitors Nelsons Law (Nelsons) to assist them with their ongoing investigation and provide legal advice.

Costs spiralling out of control

According to the document lodged at Companies House, apart from the aforementioned figures outlined, it is thought that creditors are owed over £115,000. This fee, the document outlines, acts as a cap, and additional fees can’t be taken without the approval of the general body of creditors.

It is noted that liquidation is expected to be formally closed before October 2027. However, costs have been mounting over the past 12 months due to the expenses incurred to review the allegations.

A stain on his character

The accusations levelled have put a black mark on Dettori’s character. A decorated career saw Dettori amass over £60 million in earnings, and the seven magnificent winners he enjoyed on one glorious day at Royal Ascot in 1996, featured in the highlights reel.

Yes, Dettori may have taken plenty of money off the best UK horse racing betting sites for his success on the track; however, filing for bankruptcy last year marked a low ebb. Discussing his financial troubles at the time, Dettori 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 I 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. I am relieved to be drawing a line on this long-term matter, which enables me to reset and focus on my international riding career.”

What next for Dettori?

Dettori is set to be automatically discharged from his bankruptcy on March 17. At the moment, the Italian is committed to his final rides in Brazil before retirement next month. After that, Dettori will assume a full-time position as Amo Racing’s brand ambassador.