Charlie Swan hit with €123,000 tax settlement

Former jockey and trainer Charlie Swan has been forced to hand over almost €123,000 as part of an investigation into tax defaulters.

The three-times winner of the Champion Hurdle on Istabraq was hit with the tax bill, interest and fines during an international probe.

Revenue officials said Swan was investigated as part of an “offshore assets” inquiry.

One of the Grade One successes for his yard in Cloughjordan, Co Tipperary was a horse called Offshore Account.

The 46-year-old has been ordered to hand over €50,000 in undeclared tax income, €34,942 in interest payments and €37,500 in penalties.

Swan surprised the racing world earlier this year when he announced he was quitting the training ranks.

At the time, he told the Press Association: “It’s just got a bit difficult, we don’t have as many horses here now and it’s time to get out really.

“With the costs of labour and everything else, the rising costs and less horses, it’s not as easy as it was.”

Swan is best remembered in his riding days as the partner of Istabraq for trainer Aidan O’Brien and owner JP McManus.

He retired from the saddle in 2003.