15/10/2023
NEWS STORY
Former F1 supremo Bernie Ecclestone has pleaded guilty to committing tax fraud.
Appearing at London's Southwark Crown Court this morning, and accompanied by his wife Fabiana, Ecclestone spoke merely confirm his name and address and to enter his plea.
"I plead guilty," he told the court in relation to the charge, which he had previously denied, that he failed to declare a trust fund of £400m ($491m) in Singapore.
Ecclestone had previously told HM Revenues and Customs that he was "not the settlor nor beneficiary of any trust in or outside the UK", insisting that there was only one "single trust" fund, which had been established on behalf of his daughter.
However, prosecutor Richard Wright KC said Ecclestone had given an "untrue or misleading" answer to HMRC when asked about further trusts outside the UK.
"As of July 7 2015, Mr Ecclestone did not know the truth of the position, so was not able to give an answer to the question," said Wright.
"Mr Ecclestone was not entirely clear on how ownership of the accounts in question were structured.
"He therefore did not know whether it was liable for tax, interest or penalties in relation to amounts passing through the accounts.
"Mr Ecclestone recognises it was wrong to answer the questions he did because it ran the risk that HMRC would not continue to investigate his affairs.
"He now accepts that some tax is due in relation to these matters."
The 92-year-old has agreed to pay £650m ($800m).
According to HMRC, its investigation was "complex and worldwide", though, of course, the big question is who grassed him up.
The Briton was also sentenced to 17 months in prison, suspended for two years. However, claims that he said: "I'll do it on me 'ead", to which the judge added a further 17 months, saying, "well, this will get you back on your feet again", are thought to be scurrilous lies.