Ex-F1 boss Bernie Ecclestone spared jail for tax fraud

Ex-Formula One boss Bernie Ecclestone was spared an immediate prison sentence on Thursday after he pleaded guilty in a London court to misleading Britain's tax authority about overseas assets worth more than 400 million pounds ($492 million).

Ecclestone agreed to a civil settlement with HM Revenue and Customs (HMRC), under which he will pay 652.6 million pounds covering tax, interest and penalties for 18 tax years between 1994 and 2022, prosecutor Richard Wright said.

The 92-year-old appeared at Southwark Crown Court and admitted one count of fraud by false representation, just over a month before he was due to stand trial.

Ecclestone, accompanied by his wife Fabiana, spoke only to confirm his name and to enter his plea. "I plead guilty," he said.

He admitted giving a misleading answer to HMRC at a July 2015 meeting, when he said he had established only a single trust in favour of his daughters and was not a beneficiary or settlor of any other trust.

Judge Simon Bryan gave Ecclestone a 17-month prison sentence suspended for two years, meaning he will only go to jail if he commits another criminal offence during that time.