Bernie Ecclestone - a former Formula One boss - admitted the single charge of fraud at Southwark Crown Court last week (Thurs 12 Oct), and was sentenced to 17 months in prison, which was suspended for two years.

Following lengthy negotiations, he also paid HMRC more than £650m to cover the cost of the tax, interest and penalties.

The verdict comes after a civil tax investigation started by HMRC in 2012 into the 92-year-old billionaire's tax affairs.

The investigation discovered that Ecclestone held more than £416m in overseas assets. HMRC said Ecclestone had the chance to correct his tax mistakes through a Contractual Disclosure Facility. But the former Formula One boss rebuffed the offer, claiming in 2015 that he was not the settlor or beneficiary of any offshore trust.

Working with Singapore authorities, HMRC's fraud investigation service uncovered that Ecclestone was the beneficiary of trusts, including one that held £416m.

Andrew Penhale, chief crown prosecutor, said:

"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."

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