Jody Scheckter Faces Bankruptcy After Losing £1.45m HMRC Tax Appeal in Britain
- South Africa's only F1 world champion, Jody Scheckter, lost a tax appeal in Britain's First-tier Tribunal, leaving him with a substantial bill
- The dispute centres on losses from Scheckter's buffalo-farming business at Laverstoke Park, which HMRC ruled could not be offset against other income
- The 76-year-old says the financial fallout could be severe and has not ruled out further legal action on a point of law
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Jody Scheckter, South Africa's only Formula 1 world champion, has warned he could face bankruptcy after Britain's First-tier Tribunal (Tax Chamber) dismissed his appeal against a £1.45 million tax bill issued by His Majesty's Revenue and Customs (HMRC).
Source: Getty Images
The ruling centres on Scheckter's former Laverstoke Park organic farming estate in Hampshire, England, where he operated a buffalo-farming partnership. HMRC issued the original assessment in 2019, concluding that losses from the partnership could not be offset against other income.
The tribunal upheld that position, finding that the farming operation failed to meet the conditions required to qualify for tax relief.
Scheckter vows to keep fighting
Speaking to The Telegraph, the 76-year-old said he believes the rules were wrongly applied to his farm and intends to contest the ruling further. His remaining option is to seek permission to appeal to the Upper Tribunal, though this route is strictly limited to points of law.
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Scheckter's condition during the tribunal proceedings has also come to light. He was reportedly taking some medication for pain following an infection at the time of the hearing.
"Some of the questions, I didn't even hear them," he said.
The former Ferrari driver, who claimed his world championship title in 1979, was candid about the potential consequences.
"I hope I don't have to go bankrupt. It would hurt a lot. A real disaster for me," he said.
Source: Getty Images
Farm closure and Estate sale
Laverstoke Park's buffalo-farming and dairy operations ceased trading on 31 December 2023. The business cited unprecedented increases in energy costs as the primary reason for the closure.
The Hampshire estate was listed for sale at £58 million in May 2025 and remained on the market as of September 2026. In 2024, Scheckter also auctioned off a significant portion of his personal racing car collection, which included championship-era Tyrells and Ferraris.
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Source: Briefly News
