Ex-F1 boss Ecclestone avoids jail, hit with £650m tax bill after admitting fraud
The 92-year-old admitted the charge of failing to declare £400m in overseas assets during an appearance at Southwark Crown Court on Thursday morning.
Ecclestone, who was involved in F1 from the late 1970s until January 2017, was accused of hiding more than £400m in a trust in Singapore from the government.
He had previously denied the allegations in August last year and was charged with a single count of fraud by false representation last October.
Ecclestone, who was warning a dark grey suit and grey tie, said “I plead guilty” at Southwark Crown Court.
His prison sentence has been suspended for two years after Ecclestone agreed to pay £652.6m to the UK tax authorities.
Prosecutor Richard Wright KC said: "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."
