Italian tax authorities catch up with motorcycle champion Rossi, handing him a £14m bill
Accountancy Age, 13 Feb 2008
Motorcycle champion Valentino Rossi was presented with a £14m broadband bill yesterday after reaching an agreement with the Italian tax authorities in the lead up to the start of the new MotoGP season.
The seven-times world champion has been living in London since 2000, claiming ‘British resident non-domiciled’ status, but the Italian tax agency became suspicious when Rossi asked for an internet connection to be installed in his hometown of Tavullia, The Times reports.
The paper trail led to the local marina where Rossi's 46ft yacht was moored. Eight cars were also found with insurance registered to Rossi or his companies, prompting Vincenzo Visco, Italy's junior finance minister, to accuse Rossi of creating a ‘more or less fictitious’ home in Mayfair.
Rossi is one of the wealthiest sportsmen in Italy but he paid only £629 in tax in Britain in 2001, the year he first won the MotoGP title. The Italian tax agency was outraged and initially demanded £80m.
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