{
  "id": 7300963,
  "title": "Former Formula 1 champion loses £1.4m HMRC tax bill appeal",
  "url": "https://urgent.news/2026/09/14/former-formula-1-champion-loses-1-4m-hmrc-tax-bill-appeal",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-14T10:36:41.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/former-formula-1-champion-loses-1-4m-hmrc-tax-bill-appeal/"
  },
  "original_language": "en",
  "account": "Former Formula 1 champion Jody Scheckter faces a £1.4 million tax bill after an appeal to an HMRC ruling failed in court. The 1979 F1 title-winner had to close his buffalo farm business in 2024 due to soaring costs, declining milk production, and the need for additional capital investments. Purchasing the 3,000-acre Laverstoke Park in Hampshire in the 1990s, Scheckter operated Laverstoke Farm Produce LLP, which supplied food to companies like Ocado. The tax authority ruled that the farm incorrectly offset losses against profits from other business areas, which were in operation from 2008 to 2010. During this period, the farm was unable to offset losses, and the organization did not generate enough profit to comply with the Income Tax (Trading and Other Income) Act 2005. Former Ferrari driver Scheckter expressed disappointment with the court's decision, acknowledging his altruistic intentions in running the business alongside his profit motive. The First Tier Tribunal Judge, Tony Beare, expressed regret over the outcome, noting that Scheckter had a noble purpose in maintaining the farm.",
  "summary": "Former Formula 1 world champion Jody Scheckter has been forced to stump up £1.4m in unpaid tax after an appeal against an HMRC ruling on his buffalo farm failed in court. The 1979 F1 title-winner was forced to close the buffalo farm business in 2024 due to “significant increases in costs, a reduction in milk [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}