Former Formula 1 boss
Ecclestone pays £650 million in back taxes
Bernie Ecclestone, former Formula One CEO, arrives at Southwark Crown Court for a hearing. photo
© Kin Cheung/AP/dpa
Bernie Ecclestone had vehemently rejected the fact that he had incorrectly declared foreign assets worth hundreds of millions. Now there is a turnaround.
The former Formula 1 boss accused of fraud Bernie Ecclestone pays more than 650 million pounds (around 756 million euros) in taxes in Great Britain. The 92-year-old agreed to this with the British tax authority HMRC, British media reported on Thursday from the courtroom in London. The sum covers payments from 18 tax years. The sentence in the fraud case should be announced on Thursday.
Ecclestone had previously admitted the accusations made by the prosecution. The authority accuses him of incorrectly declaring foreign assets worth more than 400 million pounds in taxes. The US magazine “Forbes” estimates the fortune of the former chief marketer of Formula 1 and his family at around 2.9 billion US dollars (2.73 billion euros).