Ex-Formula One boss Bernie Ecclestone pleads guilty to fraud

This follows a lengthy international investigation into his tax affairs by HM Revenue and Customs (HMRC).

The 92-year-old admitted to fraud by failing to declare a trust holding more than £416 million.

The magnate, who attended primary school in Suffolk before he and his family moved to Bexleyheath, was sentenced to 17 months in jail, suspended for two years.

⚖️ Billionaire businessman Bernie Ecclestone has admitted fraud following a lengthy, complex and worldwide investigation into his tax affairs by HMRC and prosecution by the CPS.

He has paid more than £652m and was sentenced to 17 months' imprisonment, suspended for two years.

— Crown Prosecution Service (@CPSUK) October 12, 2023

He was also forced to make a payment of more than £650 million in relation to his tax affairs and penalties.

Bernie Ecclestone 'lied to HMRC' as former F1 boss pleads guilty to fraud

Bernie Ecclestone was offered the chance to correct any mistakes through a formal civil process called Contractual Disclosure Facility (CDF).

The former F1 boss said he was not the settler or beneficiary of any offshore trust but this was later proved to be a lie when authorities in Singapore provided HMRC with information.

The guilty plea follows lengthy negotiations under the Attorney General guidelines on plea discussions.

Richard Las, CBE, Chief Investigation Officer and Director of the Fraud Investigation Service, HMRC, said: “Bernie Ecclestone has had ample time and numerous opportunities to take responsibility and be honest with HMRC about his tax affairs.

“Instead of taking these opportunities he lied to HMRC and as a result, we opened a criminal investigation.

“This investigation has involved enquiries around the world and culminated with Bernie Ecclestone’s guilty plea to fraud. He now has a criminal record and has paid £652 million relating to his wider tax affairs.

#Breaking Former Formula One boss Bernie Ecclestone will be charged with fraud by false representation following an HMRC investigation into overseas assets believed to be worth more than £400 million, the Crown Prosecution Service said pic.twitter.com/6hpLgjdJ5q

— PA Media (@PA) July 11, 2022

“This conviction demonstrates no-one is above the law and HMRC will work tirelessly to ensure the tax system is fair to all and pays for our vital public services.”

Andrew Penhale, Chief Crown Prosecutor, added: “Bernie Ecclestone has pleaded guilty to a single offence of fraud relating to dishonest representations to HMRC. All members of UK society, regardless of how wealthy or famous they are, must pay their taxes and be transparent and open with HMRC about their financial affairs.

“We are pleased to bring such a complex case to a successful conclusion.