Bernie Ecclestone Jailed Over £652m Tax Fraud
Former Formula One boss Bernie Ecclestone, 92, has admitted fraud for hiding a trust that held over £416 million. The ex-F1 tycoon faces a 17-month jail sentence, suspended for two years, and has coughed up more than £650 million in tax, interest, and penalties.
HMRC Cracks Down After Decade-Long Probe
The scandal unfolded after HMRC launched a civil tax investigation way back in 2012. Ecclestone was offered a chance to come clean and pay what he owed plus a penalty under the Contractual Disclosure Facility (CDF) — or face criminal charges.
He denied being linked to any offshore trusts in interviews in 2015. But thanks to data from Singaporean authorities, HMRC uncovered the truth: Ecclestone was both settlor and beneficiary of trusts holding $646.45 million (£416 million) in 2010.
Guilty Plea and Massive Penalty
On October 12, 2023, Ecclestone pleaded guilty to a single charge of fraud by false representation at Southwark Crown Court. This followed detailed negotiations under Attorney General guidelines on fraud cases.
The court revealed Ecclestone’s giant £652 million payment includes a Failure to Correct penalty slapped at the maximum 200% rate for offshore tax dodging.
Officials Praise Swift Justice
Richard Las, HMRC Director of Fraud Investigation, said: “Ecclestone had many chances to be honest with HMRC but lied repeatedly. This global investigation led to his guilty plea, a criminal record, and a huge tax payment. No one is above the law.”
Andrew Penhale, Chief Crown Prosecutor, added: “Everyone must pay their taxes, no matter how rich. We’re proud to have wrapped up this complex case successfully alongside HMRC.”
HMRC urges anyone with info on tax fraud to report it online and continue fighting for a fair tax system.
