The former head of Formula One, Bernie Ecclestone, has pled guilty to tax fraud with U.K. authorities. The 92-year-old motorsports personality will now have to pay £652.6 million ($791.8 million USD at current exchange rates) in taxes, interest, and penalties, but avoids jail time.
The decision comes as part of a civil settlement with His Majesty’s Revenue and Customs (HMRC), which said it was misled about overseas assets worth more than £400 million ($485 million USD) by Ecclestone. The tax authority says it was misled about these assets between 1994 and 2022.
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