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Ex-F1 Boss Bernie Ecclestone and his £650 million bill

Long-time Formula 1 chief Bernie Ecclestone, 92-year-old, pleaded guilty to fraud in a London court on Octouber 12th, getting a 17-month prison sentence suspended for two years and agreeing to pay £652.6 million to the UK tax authorities.


Pic: AutoCa

The case followed an HMRC (UK's tax body) investigation over his finances and a false representation by Ecclestone in July 2015 in which he failed to declare a Singapore-based offshore trust that had the equivalent of £400 million in a bank account at the time. Prosecutors said he answered "no" to the question of whether he had any additional trusts beyond one established for his three daughters.


Ecclestone had been due to stand trial next month, but appeared at Southwark Crown Court on Thursday (Octouber 12th) having changed his plea to guilty and agreed earlier this week to pay £652.6 million covering tax, interest and penalties for 18 tax years between 1994 and 2022 in a civil settlement with HMRC.


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