Monday, May 23, 2011

Taxing times for Alonso

Fernando Alonso has moved home, at the reported cost of £50million in tax.

The Mirror reports that the cost is a third of his new Ferrari contract, having signed a deal to stay with the Italian-based team until 2016. Alonso was previously living in the tax haven of Switzerland as he - like many other drivers - attempted to avoid the huge tax bills faced by sportsmen.

Having tied down his Formula One future, however, he has moved back to Oviedo in northern Spain to be nearer to his family and friends.

"It's great to go home," Alonso said. "I'm happy to pay the money. I'm not poor - just a little bit less rich now."

© ESPN EMEA Ltd.

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