F1 boss must pay very much money – level 3
17-10-2023 07:00
Ex-Formula One chief Bernie Ecclestone won’t go to prison after confessing to tax fraud in the UK.
He admitted misleading the British tax authority about assets worth over 492 million dollars. Ecclestone will pay a total of 803 million dollars in tax, interest, and penalties for 18 tax years between 1994 and 2022. He pleaded guilty to fraud by giving false information in 2015 when he denied being the beneficiary of various trusts, including one that transferred more than 500 million dollars to a Singapore bank account in 2010.
The judge handed him a 17-month suspended prison sentence, meaning he’d serve jail time only if he committed another crime within two years.
Difficult words: fraud (the crime of obtaining money or property by deceiving people), plead (to make a statement of what you believe to be true), beneficiary (a person who receives money or assets from a trust, will, or insurance policy).
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What was the verdict of the judge in Bernie Ecclestone's tax fraud case and what does this mean for his potential jail time?
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