Soft-po rn entrepreneur’s tax avoidance scheme The alleged tax avoidance scheme was originally devised by Paul Baxendale-Walker, who is described by Tax Policy Associates as “probably the UK’s most notorious tax avoidance scheme promoter”.
Baxendale-Walker became a soft-po rnography entrepreneur after he was stuck off as a solicitor when a disciplinary tribunal ruled there was a conflict of interest in the advice he was offering clients regarding his own tax schemes.
Baxendale-Walker subsequently acquired Bluebird TV, an adult film company, and began directing, as well as appearing in, a series of erotic films, as well as enjoying the company of a string of women he called his ‘hunny bunnies’.
Dettori has generated almost £160 million in career earnings.
Mervyn King declared bankrupt over huge £500,000 unpaid tax bill.
Darts legend Mervyn King fears he may lose his home after being declared bankrupt as a result of unpaid taxes.
King, 58, was made insolvent at the High Court of Justice in London last week and has revealed he owed over £500,000 to HMRC.
The two-time BDO World Championship finalist has racked up around £2million in career earnings, excluding sponsorships and exhibitions, but much of this was not correctly declared to the tax authorities.
The Bradwell thrower got into financial difficulty after mistakenly registering his prize money as ‘winnings’ as opposed to ‘earnings’.
“For want of a better word, I was quite naïve when it came to tax.
“Believe it or not, I actually thought with it being winnings, I didn’t have to pay tax on it, because it wasn’t earnings as such.
From either organisation — the BDO or PDC — there was little or no help at all for guidance.
“They paid your prize money and left you to it. When I found out I should be paying tax, I was already x-number of pounds in debt to HMRC. It gets to a couple of years down the line and I’m in even more debt to HMRC.
"Soft-po rn entrepreneur’s tax avoidance scheme The alleged tax avoidance scheme was originally devised by Paul Baxendale-Walker, who is described by Tax Policy Associates as “probably the UK’s most notorious tax avoidance scheme promoter”.
Baxendale-Walker became a soft-po rnography entrepreneur after he was stuck off as a solicitor when a disciplinary tribunal ruled there was a conflict of interest in the advice he was offering clients regarding his own tax schemes.
Baxendale-Walker subsequently acquired Bluebird TV, an adult film company, and began directing, as well as appearing in, a series of erotic films, as well as enjoying the company of a string of women he called his ‘hunny bunnies’.
Dettori has generated almost £160 million in career earnings."
Bear in mind, as well as declared "earnings", top jockeys get a (breeding) Share of horses upon which they win Classic or Group 1 Races. Breeding shares of a Gr 1 or Classic winner are worth a fortune, & generate an income stream that often lasts for 15 to 20 years. So leaving aside what he's earned in retainers, riding fees & win %'s, he's earned tens of millions, maybe more, in Stallion fees from the horses in which he's been given a breeding share.
I don't believe for a second he's skinto, much of his earnings are squirrelled away somewhere. And, to be fair, a good few million went up his nose, & he was twice convicted of cocaine-related offences.
No sympathy for tax dodgers at all not one bit. I've never been a Frankie fan, & this makes my loathing even worse. With Frankie, it was always "all about me" & his silly flying dismounts. He seemed to forget that the horse was the major factor, ditto the Trainer.
There is plenty to write relating to the criminality of this man. But his soft po rn "empire" is not 1 of them. Quite possibly the only 1 of his businesses not alleged to involve direct criminal behaviour. And went bust in 2013.
He (or, more accurately, believing that his tax evasion was not tax avoidance) is the main reason Glasgow Rangers went bust. And lots of other people/businesses who set up "EBT"s
Frankie Dettori is one of the greatest jockeys of all time. He also kept money for himself, rather than pay his taxes. Will have spent hundreds of thousands on a tax advisor. Doesn't say when, but this "Advisor" was suspended from being a Solicitor in 2005 and struck off in 2007. He managed to keep operating due to multiple legal actions in multiple jurisdictions (England, Scotland, at least 2 separate US States), until his world finally came crashing down in about 2012, and pleaded Guilty to various charges in 2016.
A mark as to the lengths this "advisor" went to try and string stuff out is that, on a forgery charge, he was fined £15,000. With £210,000 costs.
So-presumably-Mr Dettori has been fighting this case since at least 2016 (and probably 2012). Spending further massive amounts of money both to try and evade paying his tax, but also to try to remain anonymous. He hasn't been spending "6 months" trying to resolve this-on his version of events, this has been going on for at least 6 years.
What, exactly, is Mr Dettori "saddened and embarrassed" about? He is still not paying his taxes. And we now know why he intends to continue riding, but not in the UK. Because UK earnings would be in the reach of his UK Bankruptcy.
Yes, now we know why he suddenly & seemingly explicably decided to move to the USA & continue his career there.
You've summed him up perfectly;
"Great jockey. Horrible man".
In the time that Mr Dettori has merely felt "embarrassed" Glasgow Rangers have gone to Court, lost, gone Bankrupt, been relegated to the Third Division, got 3 promotions, paid sums to their creditors....
Mind you, that Mervyn King story is priceless.
Every darts player takes detailed tax advice. To legally avoid paying tax. So-for example-they only pay tax on net profit from exhibitions. He filled in multiple detailed tax returns.
Should Tax Avoidance be classed as Olympic Sport. cough!
Just to add clarity tax avoidance is perfectly legal, if you're paying into an ISA or a pension then you are avoiding tax. Tax evasion is illegal, tax evasion is not paying tax that you should pay.
Ironically HMRC ran a series of social media adds recently claiming that they were 'cracking down on tax avoidance and tax evasion'. Many, many people commented on their apparent lack of understanding of the difference however with Rachel from Accounts cracking down on various tax avoidance areas such as unspent pensions, IHT AIM investments, business relief and increasing CGT the opportunities to avoid tax are becoming less and less.
Should Tax Avoidance be classed as Olympic Sport. cough!
Just to add clarity tax avoidance is perfectly legal, if you're paying into an ISA or a pension then you are avoiding tax. Tax evasion is illegal, tax evasion is not paying tax that you should pay.
Ironically HMRC ran a series of social media adds recently claiming that they were 'cracking down on tax avoidance and tax evasion'. Many, many people commented on their apparent lack of understanding of the difference however with Rachel from Accounts cracking down on various tax avoidance areas such as unspent pensions, IHT AIM investments, business relief and increasing CGT the opportunities to avoid tax are becoming less and less.
Should Tax Avoidance be classed as Olympic Sport. cough!
Just to add clarity tax avoidance is perfectly legal, if you're paying into an ISA or a pension then you are avoiding tax. Tax evasion is illegal, tax evasion is not paying tax that you should pay.
Ironically HMRC ran a series of social media adds recently claiming that they were 'cracking down on tax avoidance and tax evasion'. Many, many people commented on their apparent lack of understanding of the difference however with Rachel from Accounts cracking down on various tax avoidance areas such as unspent pensions, IHT AIM investments, business relief and increasing CGT the opportunities to avoid tax are becoming less and less.
Oh and Dettori? Utter ****.
Many people that invest in ISAs will have already paid income tax on the money. Those that have paid into a pension will pay tax on 75% of the money when they draw it out, and probably save the state the cost of some benefits.
As long as there is income tax, there will be people inventing schemes to provide loopholes.
In my last job, we sold holiday properties. If you sell a new one within 3 years of completion, you had to charge VAT. I was concerned with sales, and was keen to keep the prices down. So I began thinking of legal ways of avoiding charging the VAT. Our finance guy told me to stop. He said that there was a rule that if you devised something that was purely designed to avoid charging VAT, then they would charge you anyway.
Why couldnt HMRC do the same thing in regard to income tax. So if you earn over the tax free threshold, you will be required to pay income tax, end of.
Should Tax Avoidance be classed as Olympic Sport. cough!
Just to add clarity tax avoidance is perfectly legal, if you're paying into an ISA or a pension then you are avoiding tax. Tax evasion is illegal, tax evasion is not paying tax that you should pay.
Ironically HMRC ran a series of social media adds recently claiming that they were 'cracking down on tax avoidance and tax evasion'. Many, many people commented on their apparent lack of understanding of the difference however with Rachel from Accounts cracking down on various tax avoidance areas such as unspent pensions, IHT AIM investments, business relief and increasing CGT the opportunities to avoid tax are becoming less and less.
Oh and Dettori? Utter ****.
Many people that invest in ISAs will have already paid income tax on the money. Those that have paid into a pension will pay tax on 75% of the money when they draw it out, and probably save the state the cost of some benefits.
As long as there is income tax, there will be people inventing schemes to provide loopholes.
In my last job, we sold holiday properties. If you sell a new one within 3 years of completion, you had to charge VAT. I was concerned with sales, and was keen to keep the prices down. So I began thinking of legal ways of avoiding charging the VAT. Our finance guy told me to stop. He said that there was a rule that if you devised something that was purely designed to avoid charging VAT, then they would charge you anyway.
Why couldnt HMRC do the same thing in regard to income tax. So if you earn over the tax free threshold, you will be required to pay income tax, end of.
Life, and particularly tax, is just not that simple.
Lanfranco Dettori was born in Italy. He was originally domiciled there. He subsequently moved to England. And then to the USA.
He has earnings from riding horses in (amongst others):-
GB, Ireland, France, Germany, Hong Kong, Hungary, Italy, Macao, Canada, USA, Trinidad, Japan, Singapore, Dubai and UAE.
He has ridden for both Owners and Trainers based overseas, particularly the Middle East. He has various other business interests, such as his restaurant chain. Which will be organised via separate business structures. He will have been advised since at least 2012 to funnel various income and capital to limited companies or Family.
Then there is the never-ending race between creating new Avoidance Schemes, which may or may not be declared illegal.
Should Tax Avoidance be classed as Olympic Sport. cough!
Just to add clarity tax avoidance is perfectly legal, if you're paying into an ISA or a pension then you are avoiding tax. Tax evasion is illegal, tax evasion is not paying tax that you should pay.
Ironically HMRC ran a series of social media adds recently claiming that they were 'cracking down on tax avoidance and tax evasion'. Many, many people commented on their apparent lack of understanding of the difference however with Rachel from Accounts cracking down on various tax avoidance areas such as unspent pensions, IHT AIM investments, business relief and increasing CGT the opportunities to avoid tax are becoming less and less.
Oh and Dettori? Utter ****.
Many people that invest in ISAs will have already paid income tax on the money. Those that have paid into a pension will pay tax on 75% of the money when they draw it out, and probably save the state the cost of some benefits.
As long as there is income tax, there will be people inventing schemes to provide loopholes.
In my last job, we sold holiday properties. If you sell a new one within 3 years of completion, you had to charge VAT. I was concerned with sales, and was keen to keep the prices down. So I began thinking of legal ways of avoiding charging the VAT. Our finance guy told me to stop. He said that there was a rule that if you devised something that was purely designed to avoid charging VAT, then they would charge you anyway.
Why couldnt HMRC do the same thing in regard to income tax. So if you earn over the tax free threshold, you will be required to pay income tax, end of.
Life, and particularly tax, is just not that simple.
Lanfranco Dettori was born in Italy. He was originally domiciled there. He subsequently moved to England. And then to the USA.
He has earnings from riding horses in (amongst others):-
GB, Ireland, France, Germany, Hong Kong, Hungary, Italy, Macao, Canada, USA, Trinidad, Japan, Singapore, Dubai and UAE.
He has ridden for both Owners and Trainers based overseas, particularly the Middle East. He has various other business interests, such as his restaurant chain. Which will be organised via separate business structures. He will have been advised since at least 2012 to funnel various income and capital to limited companies or Family.
Then there is the never-ending race between creating new Avoidance Schemes, which may or may not be declared illegal.
It is many things. But simple is not 1 of them.
Not so much if it was applied to those that live here. I wasnt necessarily referring to Dettori alone. Shouldnt we have simple rules for those that live here. There was a faily recent story about some that worked for the BBC. They ammended the way that they were paid, and opted to be paid abroad, purely to avoid income tax. So the purpose of the ammendments was purely to avoid income tax
Should Tax Avoidance be classed as Olympic Sport. cough!
Just to add clarity tax avoidance is perfectly legal, if you're paying into an ISA or a pension then you are avoiding tax. Tax evasion is illegal, tax evasion is not paying tax that you should pay.
Ironically HMRC ran a series of social media adds recently claiming that they were 'cracking down on tax avoidance and tax evasion'. Many, many people commented on their apparent lack of understanding of the difference however with Rachel from Accounts cracking down on various tax avoidance areas such as unspent pensions, IHT AIM investments, business relief and increasing CGT the opportunities to avoid tax are becoming less and less.
Oh and Dettori? Utter ****.
Many people that invest in ISAs will have already paid income tax on the money. Those that have paid into a pension will pay tax on 75% of the money when they draw it out, and probably save the state the cost of some benefits.
As long as there is income tax, there will be people inventing schemes to provide loopholes.
In my last job, we sold holiday properties. If you sell a new one within 3 years of completion, you had to charge VAT. I was concerned with sales, and was keen to keep the prices down. So I began thinking of legal ways of avoiding charging the VAT. Our finance guy told me to stop. He said that there was a rule that if you devised something that was purely designed to avoid charging VAT, then they would charge you anyway.
Why couldnt HMRC do the same thing in regard to income tax. So if you earn over the tax free threshold, you will be required to pay income tax, end of.
Life, and particularly tax, is just not that simple.
Lanfranco Dettori was born in Italy. He was originally domiciled there. He subsequently moved to England. And then to the USA.
He has earnings from riding horses in (amongst others):-
GB, Ireland, France, Germany, Hong Kong, Hungary, Italy, Macao, Canada, USA, Trinidad, Japan, Singapore, Dubai and UAE.
He has ridden for both Owners and Trainers based overseas, particularly the Middle East. He has various other business interests, such as his restaurant chain. Which will be organised via separate business structures. He will have been advised since at least 2012 to funnel various income and capital to limited companies or Family.
Then there is the never-ending race between creating new Avoidance Schemes, which may or may not be declared illegal.
It is many things. But simple is not 1 of them.
Not so much if it was applied to those that live here. I wasnt necessarily referring to Dettori alone. Shouldnt we have simple rules for those that live here. There was a faily recent story about some that worked for the BBC. They ammended the way that they were paid, and opted to be paid abroad, purely to avoid income tax. So the purpose of the ammendments was purely to avoid income tax
I'll try this one last time.
There are only 2 options here. Either
1. Questions such as domicile and earnings are incredibly complex, and that is why millions of people around the World wrestle with these problems on a daily basis, spending untold £billions; or 2. You have the answer that every professional around the World has missed
Should Tax Avoidance be classed as Olympic Sport. cough!
Just to add clarity tax avoidance is perfectly legal, if you're paying into an ISA or a pension then you are avoiding tax. Tax evasion is illegal, tax evasion is not paying tax that you should pay.
Ironically HMRC ran a series of social media adds recently claiming that they were 'cracking down on tax avoidance and tax evasion'. Many, many people commented on their apparent lack of understanding of the difference however with Rachel from Accounts cracking down on various tax avoidance areas such as unspent pensions, IHT AIM investments, business relief and increasing CGT the opportunities to avoid tax are becoming less and less.
Oh and Dettori? Utter ****.
Many people that invest in ISAs will have already paid income tax on the money. Those that have paid into a pension will pay tax on 75% of the money when they draw it out, and probably save the state the cost of some benefits.
As long as there is income tax, there will be people inventing schemes to provide loopholes.
In my last job, we sold holiday properties. If you sell a new one within 3 years of completion, you had to charge VAT. I was concerned with sales, and was keen to keep the prices down. So I began thinking of legal ways of avoiding charging the VAT. Our finance guy told me to stop. He said that there was a rule that if you devised something that was purely designed to avoid charging VAT, then they would charge you anyway.
Why couldnt HMRC do the same thing in regard to income tax. So if you earn over the tax free threshold, you will be required to pay income tax, end of.
Life, and particularly tax, is just not that simple.
Lanfranco Dettori was born in Italy. He was originally domiciled there. He subsequently moved to England. And then to the USA.
He has earnings from riding horses in (amongst others):-
GB, Ireland, France, Germany, Hong Kong, Hungary, Italy, Macao, Canada, USA, Trinidad, Japan, Singapore, Dubai and UAE.
He has ridden for both Owners and Trainers based overseas, particularly the Middle East. He has various other business interests, such as his restaurant chain. Which will be organised via separate business structures. He will have been advised since at least 2012 to funnel various income and capital to limited companies or Family.
Then there is the never-ending race between creating new Avoidance Schemes, which may or may not be declared illegal.
It is many things. But simple is not 1 of them.
Not so much if it was applied to those that live here. I wasnt necessarily referring to Dettori alone. Shouldnt we have simple rules for those that live here. There was a faily recent story about some that worked for the BBC. They ammended the way that they were paid, and opted to be paid abroad, purely to avoid income tax. So the purpose of the ammendments was purely to avoid income tax
I'll try this one last time.
There are only 2 options here. Either
1. Questions such as domicile and earnings are incredibly complex, and that is why millions of people around the World wrestle with these problems on a daily basis, spending untold £billions; or 2. You have the answer that every professional around the World has missed
We already have rules on doms, and non doms. I also thought that we had clear rules on money earned abroad. In that abroad earnings were not subject to UK tax, unless you brought the money back into the UK. People that live in the UK, should pay income tax on their earnings. Adrian Chiles was another one that got involved in a scheme. People that have led far less complex lives than Dettori get involved in these schemes. What I am I saying is that anyone that clearly lives in the UK, should pay income tax on all their UK earnings. In exactly the same way that people like Lewis Hamilton dont.
Unless we can have rules that work, the pantomime will continue. HMRC block a loophole, and the so called experts just invent another one.
Celebrities Among Hundreds Who 'Avoided Tax' George Michael, Sir Michael Caine, Arctic Monkeys and Katie Melua are among those accused of sheltering cash in a legal scheme.
They are accused of trying to shelter a total of £1.2bn in Liberty, which ran between 2005 and 2009.
The scheme worked by making huge artificial "losses" offshore, which members could then use to avoid paying tax on other income.
It meant that for every £1 earned, investors could reduce the amount they paid to 7p in tax instead of 40p, while higher rate taxpayers could earn £1m each year tax free.
To do the latter, they had to pay £70,000 in fees to Mercury Tax Group, the company which ran the scheme.
Should Tax Avoidance be classed as Olympic Sport. cough!
Just to add clarity tax avoidance is perfectly legal, if you're paying into an ISA or a pension then you are avoiding tax. Tax evasion is illegal, tax evasion is not paying tax that you should pay.
Ironically HMRC ran a series of social media adds recently claiming that they were 'cracking down on tax avoidance and tax evasion'. Many, many people commented on their apparent lack of understanding of the difference however with Rachel from Accounts cracking down on various tax avoidance areas such as unspent pensions, IHT AIM investments, business relief and increasing CGT the opportunities to avoid tax are becoming less and less.
Oh and Dettori? Utter ****.
Many people that invest in ISAs will have already paid income tax on the money. Those that have paid into a pension will pay tax on 75% of the money when they draw it out, and probably save the state the cost of some benefits.
As long as there is income tax, there will be people inventing schemes to provide loopholes.
In my last job, we sold holiday properties. If you sell a new one within 3 years of completion, you had to charge VAT. I was concerned with sales, and was keen to keep the prices down. So I began thinking of legal ways of avoiding charging the VAT. Our finance guy told me to stop. He said that there was a rule that if you devised something that was purely designed to avoid charging VAT, then they would charge you anyway.
Why couldnt HMRC do the same thing in regard to income tax. So if you earn over the tax free threshold, you will be required to pay income tax, end of.
Life, and particularly tax, is just not that simple.
Lanfranco Dettori was born in Italy. He was originally domiciled there. He subsequently moved to England. And then to the USA.
He has earnings from riding horses in (amongst others):-
GB, Ireland, France, Germany, Hong Kong, Hungary, Italy, Macao, Canada, USA, Trinidad, Japan, Singapore, Dubai and UAE.
He has ridden for both Owners and Trainers based overseas, particularly the Middle East. He has various other business interests, such as his restaurant chain. Which will be organised via separate business structures. He will have been advised since at least 2012 to funnel various income and capital to limited companies or Family.
Then there is the never-ending race between creating new Avoidance Schemes, which may or may not be declared illegal.
It is many things. But simple is not 1 of them.
Not so much if it was applied to those that live here. I wasnt necessarily referring to Dettori alone. Shouldnt we have simple rules for those that live here. There was a faily recent story about some that worked for the BBC. They ammended the way that they were paid, and opted to be paid abroad, purely to avoid income tax. So the purpose of the ammendments was purely to avoid income tax
I'll try this one last time.
There are only 2 options here. Either
1. Questions such as domicile and earnings are incredibly complex, and that is why millions of people around the World wrestle with these problems on a daily basis, spending untold £billions; or 2. You have the answer that every professional around the World has missed
We already have rules on doms, and non doms. I also thought that we had clear rules on money earned abroad. In that abroad earnings were not subject to UK tax, unless you brought the money back into the UK. People that live in the UK, should pay income tax on their earnings. Adrian Chiles was another one that got involved in a scheme. People that have led far less complex lives than Dettori get involved in these schemes. What I am I saying is that anyone that clearly lives in the UK, should pay income tax on all their UK earnings. In exactly the same way that people like Lewis Hamilton dont.
Unless we can have rules that work, the pantomime will continue. HMRC block a loophole, and the so called experts just invent another one.
Celebrities Among Hundreds Who 'Avoided Tax' George Michael, Sir Michael Caine, Arctic Monkeys and Katie Melua are among those accused of sheltering cash in a legal scheme.
They are accused of trying to shelter a total of £1.2bn in Liberty, which ran between 2005 and 2009.
The scheme worked by making huge artificial "losses" offshore, which members could then use to avoid paying tax on other income.
It meant that for every £1 earned, investors could reduce the amount they paid to 7p in tax instead of 40p, while higher rate taxpayers could earn £1m each year tax free.
To do the latter, they had to pay £70,000 in fees to Mercury Tax Group, the company which ran the scheme.
Or maybe just enact a law that before a tax avoidance scheme can be sold to the general public, it has to be approved by HMRC. They could then block any loophole that was being exploited by the scheme before approving it.
With the greatest of respect, you only get to hear about the ones successfully challenged by HMRC.
You do not get to hear about all the ones declared perfectly legal. Many of which have been quite deliberately created by Governments.
There will never be an end to this. It started thousands of years ago. And is never-ending.
What always amuses me at times like this is that the people who support Farmers' "rights" are often the exact same people who moan about rich people avoiding tax...
With the greatest of respect, you only get to hear about the ones successfully challenged by HMRC.
You do not get to hear about all the ones declared perfectly legal. Many of which have been quite deliberately created by Governments.
There will never be an end to this. It started thousands of years ago. And is never-ending.
What always amuses me at times like this is that the people who support Farmers' "rights" are often the exact same people who moan about rich people avoiding tax...
When I started work as a self employed salesperson. This country was like the wild west. Direct sales companies all employed self employed agents as it was efficient for them. No NI contributions, no expenses, so you used your own car, and petrol, and they had very little if any reponsibility, or obligations. Many were happy to take you on, if you said your name was Joe Bloggs. No proof of anything was required. We were able to cash our cheques over the counter at Barclays. This was long before the cheque cashers came into being. Very few of us paid any tax, or NI. There has been plenty of improvement since those days, but there is still so far to go.
With the greatest of respect, you only get to hear about the ones successfully challenged by HMRC.
You do not get to hear about all the ones declared perfectly legal. Many of which have been quite deliberately created by Governments.
There will never be an end to this. It started thousands of years ago. And is never-ending.
What always amuses me at times like this is that the people who support Farmers' "rights" are often the exact same people who moan about rich people avoiding tax...
And just as an example. If the BBC choose to ammend payments to their staff, and pay them as consultants, into Cayman Island bank accounts, despite the fact they are clearly domiciled in the UK, then the BBC would become liable for the income tax on the payments. That bit would stop.
Comments
The alleged tax avoidance scheme was originally devised by Paul Baxendale-Walker, who is described by Tax Policy Associates as “probably the UK’s most notorious tax avoidance scheme promoter”.
Baxendale-Walker became a soft-po rnography entrepreneur after he was stuck off as a solicitor when a disciplinary tribunal ruled there was a conflict of interest in the advice he was offering clients regarding his own tax schemes.
Baxendale-Walker subsequently acquired Bluebird TV, an adult film company, and began directing, as well as appearing in, a series of erotic films, as well as enjoying the company of a string of women he called his ‘hunny bunnies’.
Dettori has generated almost £160 million in career earnings.
Darts legend Mervyn King fears he may lose his home after being declared bankrupt as a result of unpaid taxes.
King, 58, was made insolvent at the High Court of Justice in London last week and has revealed he owed over £500,000 to HMRC.
The two-time BDO World Championship finalist has racked up around £2million in career earnings, excluding sponsorships and exhibitions, but much of this was not correctly declared to the tax authorities.
The Bradwell thrower got into financial difficulty after mistakenly registering his prize money as ‘winnings’ as opposed to ‘earnings’.
“For want of a better word, I was quite naïve when it came to tax.
“Believe it or not, I actually thought with it being winnings, I didn’t have to pay tax on it, because it wasn’t earnings as such.
From either organisation — the BDO or PDC — there was little or no help at all for guidance.
“They paid your prize money and left you to it. When I found out I should be paying tax, I was already x-number of pounds in debt to HMRC. It gets to a couple of years down the line and I’m in even more debt to HMRC.
https://www.live-darts.com/world-seniors-darts/king-declared-bankrupt-over-tax-debt/
@HAYSIE
I mean, what could possibly go wrong?
"Soft-po rn entrepreneur’s tax avoidance scheme
The alleged tax avoidance scheme was originally devised by Paul Baxendale-Walker, who is described by Tax Policy Associates as “probably the UK’s most notorious tax avoidance scheme promoter”.
Baxendale-Walker became a soft-po rnography entrepreneur after he was stuck off as a solicitor when a disciplinary tribunal ruled there was a conflict of interest in the advice he was offering clients regarding his own tax schemes.
Baxendale-Walker subsequently acquired Bluebird TV, an adult film company, and began directing, as well as appearing in, a series of erotic films, as well as enjoying the company of a string of women he called his ‘hunny bunnies’.
Dettori has generated almost £160 million in career earnings."
Bear in mind, as well as declared "earnings", top jockeys get a (breeding) Share of horses upon which they win Classic or Group 1 Races. Breeding shares of a Gr 1 or Classic winner are worth a fortune, & generate an income stream that often lasts for 15 to 20 years. So leaving aside what he's earned in retainers, riding fees & win %'s, he's earned tens of millions, maybe more, in Stallion fees from the horses in which he's been given a breeding share.
I don't believe for a second he's skinto, much of his earnings are squirrelled away somewhere. And, to be fair, a good few million went up his nose, & he was twice convicted of cocaine-related offences.
No sympathy for tax dodgers at all not one bit. I've never been a Frankie fan, & this makes my loathing even worse. With Frankie, it was always "all about me" & his silly flying dismounts. He seemed to forget that the horse was the major factor, ditto the Trainer.
A thoroughly odious little man & tax cheat.
There is plenty to write relating to the criminality of this man. But his soft po rn "empire" is not 1 of them. Quite possibly the only 1 of his businesses not alleged to involve direct criminal behaviour. And went bust in 2013.
He (or, more accurately, believing that his tax evasion was not tax avoidance) is the main reason Glasgow Rangers went bust. And lots of other people/businesses who set up "EBT"s
Frankie Dettori is one of the greatest jockeys of all time. He also kept money for himself, rather than pay his taxes. Will have spent hundreds of thousands on a tax advisor. Doesn't say when, but this "Advisor" was suspended from being a Solicitor in 2005 and struck off in 2007. He managed to keep operating due to multiple legal actions in multiple jurisdictions (England, Scotland, at least 2 separate US States), until his world finally came crashing down in about 2012, and pleaded Guilty to various charges in 2016.
A mark as to the lengths this "advisor" went to try and string stuff out is that, on a forgery charge, he was fined £15,000. With £210,000 costs.
So-presumably-Mr Dettori has been fighting this case since at least 2016 (and probably 2012). Spending further massive amounts of money both to try and evade paying his tax, but also to try to remain anonymous. He hasn't been spending "6 months" trying to resolve this-on his version of events, this has been going on for at least 6 years.
What, exactly, is Mr Dettori "saddened and embarrassed" about? He is still not paying his taxes. And we now know why he intends to continue riding, but not in the UK. Because UK earnings would be in the reach of his UK Bankruptcy.
Great jockey. Horrible man.
Yes, now we know why he suddenly & seemingly inexplicably decided to move to the USA & continue his career there.
You've summed him up perfectly;
"Great jockey. Horrible man".
Mind you, that Mervyn King story is priceless.
Every darts player takes detailed tax advice. To legally avoid paying tax. So-for example-they only pay tax on net profit from exhibitions. He filled in multiple detailed tax returns.
His story is just that. A story.
Ironically HMRC ran a series of social media adds recently claiming that they were 'cracking down on tax avoidance and tax evasion'. Many, many people commented on their apparent lack of understanding of the difference however with Rachel from Accounts cracking down on various tax avoidance areas such as unspent pensions, IHT AIM investments, business relief and increasing CGT the opportunities to avoid tax are becoming less and less.
Oh and Dettori? Utter ****.
@Enut
Seconded.
Those that have paid into a pension will pay tax on 75% of the money when they draw it out, and probably save the state the cost of some benefits.
As long as there is income tax, there will be people inventing schemes to provide loopholes.
In my last job, we sold holiday properties.
If you sell a new one within 3 years of completion, you had to charge VAT.
I was concerned with sales, and was keen to keep the prices down.
So I began thinking of legal ways of avoiding charging the VAT.
Our finance guy told me to stop.
He said that there was a rule that if you devised something that was purely designed to avoid charging VAT, then they would charge you anyway.
Why couldnt HMRC do the same thing in regard to income tax.
So if you earn over the tax free threshold, you will be required to pay income tax, end of.
Lanfranco Dettori was born in Italy. He was originally domiciled there. He subsequently moved to England. And then to the USA.
He has earnings from riding horses in (amongst others):-
GB, Ireland, France, Germany, Hong Kong, Hungary, Italy, Macao, Canada, USA, Trinidad, Japan, Singapore, Dubai and UAE.
He has ridden for both Owners and Trainers based overseas, particularly the Middle East. He has various other business interests, such as his restaurant chain. Which will be organised via separate business structures. He will have been advised since at least 2012 to funnel various income and capital to limited companies or Family.
Then there is the never-ending race between creating new Avoidance Schemes, which may or may not be declared illegal.
It is many things. But simple is not 1 of them.
I wasnt necessarily referring to Dettori alone.
Shouldnt we have simple rules for those that live here.
There was a faily recent story about some that worked for the BBC.
They ammended the way that they were paid, and opted to be paid abroad, purely to avoid income tax.
So the purpose of the ammendments was purely to avoid income tax
There are only 2 options here. Either
1. Questions such as domicile and earnings are incredibly complex, and that is why millions of people around the World wrestle with these problems on a daily basis, spending untold £billions; or
2. You have the answer that every professional around the World has missed
I also thought that we had clear rules on money earned abroad.
In that abroad earnings were not subject to UK tax, unless you brought the money back into the UK.
People that live in the UK, should pay income tax on their earnings.
Adrian Chiles was another one that got involved in a scheme.
People that have led far less complex lives than Dettori get involved in these schemes.
What I am I saying is that anyone that clearly lives in the UK, should pay income tax on all their UK earnings.
In exactly the same way that people like Lewis Hamilton dont.
Unless we can have rules that work, the pantomime will continue.
HMRC block a loophole, and the so called experts just invent another one.
10 top celebrity tax avoiders
A spate of celebrities have been among the investors in tax avoidance schemes closed down by HMRC recently and we look at how the A-listers tried to cut their bills.
https://citywire.com/wealth-manager/news/10-top-celebrity-tax-avoiders/a761067
Celebrities Among Hundreds Who 'Avoided Tax'
George Michael, Sir Michael Caine, Arctic Monkeys and Katie Melua are among those accused of sheltering cash in a legal scheme.
They are accused of trying to shelter a total of £1.2bn in Liberty, which ran between 2005 and 2009.
The scheme worked by making huge artificial "losses" offshore, which members could then use to avoid paying tax on other income.
It meant that for every £1 earned, investors could reduce the amount they paid to 7p in tax instead of 40p, while higher rate taxpayers could earn £1m each year tax free.
To do the latter, they had to pay £70,000 in fees to Mercury Tax Group, the company which ran the scheme.
https://news.sky.com/story/celebrities-among-hundreds-who-avoided-tax-10397463
They could then block any loophole that was being exploited by the scheme before approving it.
You do not get to hear about all the ones declared perfectly legal. Many of which have been quite deliberately created by Governments.
There will never be an end to this. It started thousands of years ago. And is never-ending.
What always amuses me at times like this is that the people who support Farmers' "rights" are often the exact same people who moan about rich people avoiding tax...
This country was like the wild west.
Direct sales companies all employed self employed agents as it was efficient for them.
No NI contributions, no expenses, so you used your own car, and petrol, and they had very little if any reponsibility, or obligations.
Many were happy to take you on, if you said your name was Joe Bloggs.
No proof of anything was required.
We were able to cash our cheques over the counter at Barclays.
This was long before the cheque cashers came into being.
Very few of us paid any tax, or NI.
There has been plenty of improvement since those days, but there is still so far to go.
If the BBC choose to ammend payments to their staff, and pay them as consultants, into Cayman Island bank accounts, despite the fact they are clearly domiciled in the UK, then the BBC would become liable for the income tax on the payments.
That bit would stop.
The Tax Scheme explained...
https://x.com/danneidle/status/1900494272786305314?s=48&t=Fy1UG4K1wxT0XAjaupjodQ