Bernie Ecclestone, former F1 boss, escapes prison after admitting tax fraud – 10/12/2023 – Sport

Former Formula 1 boss Bernie Ecclestone escaped an immediate prison sentence on Thursday after pleading guilty to deceiving the British tax authority over overseas assets worth more than £400 million ( R$ 2.48 billion, at current prices).

Ecclestone, 92, also reached a civil settlement with UK Revenue and Customs (HMRC). He will pay £652.6 million, covering tax, interest and fines for 18 tax years between 1994 and 2022, prosecutor Richard Wright said.

The former F1 boss appeared at Southwark Crown Court in London and pleaded guilty to one count of fraud by false representation, just over a month before his trial.

Ecclestone admitted giving a misleading response to HMRC at a meeting in July 2015 when he claimed he had only established a single trust in favor of his daughters and was not the beneficiary or settlor of any other trust.

In fact, he was the settlor and beneficiary of several trusts, including one he owned a company that sent £416 million to a Singapore bank account in 2010, HMRC said.

Judge Simon Bryan handed Ecclestone a 17-month prison sentence, suspended for two years. This means he will only go to prison if he commits another criminal offense during that time.

Ecclestone’s lawyer, Clare Montgomery, told the court that Ecclestone “did not know the true situation” about whether he was a beneficiary or settlor of any other trust, saying his response to HMRC was an “impulsive lapse of judgement”.

Ecclestone gave an unintelligible response to reporters as he left the courtroom and entered a waiting Range Rover.

Andrew Penhale, chief prosecutor at the Crown Prosecution Service, said in a statement: “All members of UK society, regardless of how rich or famous they are, must pay their taxes and be transparent and open with HMRC about their financial affairs.” .

Richard Las, head of HMRC’s fraud investigation service, said Ecclestone “lied to HMRC”.

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

Ecclestone had tried to halt the court proceedings earlier this year, with his lawyers arguing that taking him to trial posed a serious risk to his life.

A cardiologist testified that the stress of the trial meant Ecclestone was “more likely to die than not during the trial”. The judge, however, understood that there was no real threat due to the process.