Jody Scheckter warns tax case could bankrupt him
"Some of the questions, I didn’t even hear them"
Former Formula 1 world champion Jody Scheckter has admitted he could face bankruptcy after losing a long-running tax dispute with Britain’s HMRC.
The 1979 champion has been ordered to pay nearly 1.5 million Pounds in backdated tax relating to losses claimed by his former Laverstoke Park farming business.
Britain’s First-tier Tribunal has now dismissed Scheckter’s appeal, ruling that the farming operation did not meet the conditions required for the tax relief.
Scheckter earlier told The Telegraph he intends to continue fighting the ruling, arguing the rules were wrongly applied to what he says was a genuine commercial operation rather than a hobby farm.
He also revealed he was seriously unwell during the tribunal and taking morphine for pain following an infection.
"Some of the questions, I didn’t even hear them," said the 76-year-old, who won his title with Ferrari.
Scheckter said the financial consequences could be severe if he cannot overturn the decision.
"I hope I don’t have to go bankrupt," said the South African.
"It would hurt a lot. A disaster for me."