Ex-Formula One boss Bernie Ecclestone was spared an immediate prison sentence on Thursday after he pleaded guilty to misleading Britain’s tax authority about overseas assets worth more than 400 million pounds ($492 million).
Ecclestone has also agreed a civil settlement with HM Revenue and Customs , under which he will pay 652.6 million pounds covering tax, interest and penalties for 18 tax years between 1994 and 2022, prosecutor Richard Wright said. The 92-year-old appeared at London’s Southwark Crown Court and pleaded guilty to one count of fraud by false representation, just over a month before he was due to stand trial.
Andrew Penhale, chief crown prosecutor at the Crown Prosecution Service, said in a statement: “All members of UK society, regardless of how wealthy or famous they are, must pay their taxes and be transparent and open with HMRC about their financial affairs.” Richard Las, chief investigation officer and director of the Fraud Investigation Service at HMRC, said Ecclestone had “lied to HMRC.
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