Ecclestone agreed a civil settlement with HMRC, under which he will pay £652.6million covering tax, interest and penalties for 18 tax years between 1994 and 2022. He was also handed a 17-month sentence suspended for two years, meaning he will only serve jail time if he reoffends within that time.
Ecclestone had been charged with fraud by false representation Formula One chief Bernie Ecclestone has been spotted enjoying a doughnut at London’s Borough Market after being spared jail. He pleaded guilty to fraud having failed to declare more than £400 million of overseas assets to the government. Ecclestone, 92, has agreed to a civil settlement of £652,634,836 in respect of sums due to HMRC over the course of 18 years, a south London court heard.
‘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. ‘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.
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