If there was a Tax Evasion Grand Prix, Bernard Ecclestone might just have won the title. Ecclestone was once nicknamed the “F1 Supremo” and rose to prominence as the CEO of Formula One. But the 92-year-old’s massive fortune could take a sharp left turn after he pleaded guilty to tax fraud charges on Thursday. a month before the trial begins.
The main point of contention is that amounts in excess of £416 million (or $492 million), Ecclestone admitted he failed to report it to HM Revenue and Customs (HMRC).
He agrees to follow £652m (approximately $793 million) for decades-long tax fraud, including interest and penalties.It’s a record-breaking settlement; two tax experts tell Financial Times It is the highest amount ever paid by an individual to HMRC for fraud, and tax adviser Ray McCann said the increased tax penalty of £330m was “undoubtedly the largest in history”. Partly because Ecclestone was held accountable for 18 years of tax evasion between 1994 and 2022, according to Prosecutor Richard Wright KC.
The origins of the proceedings date back to 2012, when HM Revenue and Customs (HMRC) first launched an investigation into Ecclestone. In 2015, Ecclestone had the opportunity to clear up any tax errors and impose fines under the so-called Contract Disclosure Facility (CDF) or “COP9”. He reportedly said he was not actually a connected beneficiary of the UK offshore trust. Link to several; One of the firms held a company that transferred £416 million ($646 million) from a Swiss account to a Singaporean account.
Wright told the court that while he was aware of this, he was “not fully aware of the ownership structure”. Financial Times(Wright did not respond of wealth request for comment).
Ecclestone’s civil settlement, otherwise clean record and age helped him avoid jail time. As he had not engaged in any illegal activity during this period, he was sentenced to 17 months in prison, suspended for two years. His lawyer, Clare Montgomery KC, argued Ecclestone should receive a lighter penalty because his health was “debilitating” and because he had already paid a hefty fine (she declined to comment) wealth).
Before his fraud scandal and polarizing comments Vladimir Putin A “class man”, Ecclestone is synonymous with one thing: Formula One racing.He purchased the rights to the racing series and has since four decades Eventually sold to Liberty Media 2017 8 billion US dollars.During his tenure, Formula One racing exploded in popularity, especially in the past many years. The team’s success also bolstered Ecclestone. Forbes His net worth is estimated at $2.9 billion.
However, this might just be his last victory.Chief Crown prosecutor Andrew Penhale released a statement This means that “all members of British society, no matter how wealthy or famous, must pay tax and be transparent and open to HMRC about their financial affairs.”
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