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NEWS: Ex-Formula One boss Bernie Ecclestone spared jail after admitting tax fraud

Former Chief Executive of the Formula One Group Bernie Ecclestone arrives for a fraud case hearing at Southwark Crown Court in London, Britain, October 12, 2023 REUTERS/Belinda Jiao

By Sam Tobin

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

Ecclestone has also agreed 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.

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