Ex-Formula One boss Bernie Ecclestone has pleaded guilty to fraud after failing to declare more than £400 million of overseas assets to the government.
On 7 July, 2015, the billionaire failed to declare a trust in Singapore with a bank account containing around $650 million.
Before his guilty plea, he had been due to face trial in November on the single fraud charge.
“As of July 7 2015, Mr Ecclestone did not know the truth of the position, so was not able to give an answer to the question.
“He therefore did not know whether it was liable for tax, interest or penalties in relation to amounts passing through the accounts.
“Mr Ecclestone recognises it was wrong to answer the questions he did because it ran the risk that HMRC would not continue to investigate his affairs.
The original article contains 278 words, the summary contains 137 words. Saved 51%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Ex-Formula One boss Bernie Ecclestone has pleaded guilty to fraud after failing to declare more than £400 million of overseas assets to the government.
On 7 July, 2015, the billionaire failed to declare a trust in Singapore with a bank account containing around $650 million.
Before his guilty plea, he had been due to face trial in November on the single fraud charge.
“As of July 7 2015, Mr Ecclestone did not know the truth of the position, so was not able to give an answer to the question.
“He therefore did not know whether it was liable for tax, interest or penalties in relation to amounts passing through the accounts.
“Mr Ecclestone recognises it was wrong to answer the questions he did because it ran the risk that HMRC would not continue to investigate his affairs.
The original article contains 278 words, the summary contains 137 words. Saved 51%. I’m a bot and I’m open source!