Impressive: Former Formula 1 Boss Bernie Ecclestone To Pay £653 Million to UK Tax Authority!

Former Formula 1 boss Bernie Ecclestone
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Bernie Ecclestone, the ex-head of Formula 1, has been handed a suspended prison sentence after admitting to fraud charges. The 92-year-old failed to disclose over £400 million in a Singapore trust to UK tax officials in 2015. The court was informed that Ecclestone has consented to a civil agreement to pay nearly £653 million to HM Revenue and Customs (HMRC). As a result, he received a 17-month prison sentence, which has been suspended for two years.

Initially, Ecclestone had pleaded not guilty and was scheduled for trial in the upcoming month. The recent settlement encompasses his tax dealings for the last 18 years, which includes interest and civil fines.

In a 2015 meeting with HMRC representatives, Ecclestone expressed his desire to conclude the investigations into his tax matters, citing exorbitant advisory fees. He had previously claimed the existence of only one trust, set up for his daughter’s benefit. Contrary to his statement to HMRC that he wasn’t associated with any trust, either within or outside the UK, subsequent extensive global investigations by HMRC revealed discrepancies in his claims.

Ecclestone, accompanied by his wife Fabiana, appeared at Southwark Crown Court. He seemed fragile as he stood to address the court, only speaking to confirm his guilty plea and provide basic information.

His defense emphasized his age, health concerns, and the minimal threat he poses to society as reasons to avoid a jail term. Christine Montgomery, defending Ecclestone, mentioned that he deeply regrets the actions leading to the trial.

Prosecutor Richard Wright, addressing the court post-Ecclestone’s admission, stated that Ecclestone had deliberately provided misleading information to HMRC regarding his overseas trusts. Wright elaborated that Ecclestone was uncertain about the ownership structure of the accounts in question and, as a result, was unsure about the tax implications.

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