F1 champion loses £1.4 million court battle

1979 F1 world champion Jody Scheckter has lost a £1.4m court battle with HMRC over his failed organic buffalo farming business. The 76-year-old South African challenged the backdated tax demand, but a tribunal ruled the losses couldn't offset his other income.

Why it matters:

The case highlights the strict rules on farming tax relief and closes a costly chapter in Scheckter's post-racing business career.

The details:

• Scheckter bought Laverstoke Park in 1996 and invested £55m into the estate and surrounding land.
• The venture supplied organic meat to Ocado and made buffalo mozzarella, but closed its dairy and buffalo operations in 2024 due to rising costs and falling milk volumes.
• The losses were offset via sideways loss relief, valid only if the business turns profitable within five years. Laverstoke posted losses almost every year, so HMRC voided the arrangement in 2019.
• Judge Tony Beare expressed "considerable sadness" over the venture's failure, noting Scheckter's genuine passion for healthier eating.

The big picture:

Scheckter remains the only African F1 world champion, with 10 wins from 1972-1980. After racing, he built a weapons simulation firm worth over £100m before funding Laverstoke Park.

What's next:

The £1.4m demand now stands. No appeal has been announced.