The Crown Prosecution Service announced that Bernie Ecclestone, ex-Formula One boss, has been charged for fraud by false representation.
Investigators found that the 91-year old billionaire businessman did not declare any overseas assets valued at more than PS400m.
After an investigation by Revenue and Customs, the Crown Prosecution Service (CPS), authorized the charge.
Andrew Penhale is the chief Crown prosecutor. He said that “The CPS reviewed a HMRC evidence file and authorized Bernard Ecclestone to be charged with fraud by false representation for failing to declare to HMRC assets overseas valued at more than PS400m.”
Simon York, HMRC, stated that the investigation was “complex” and “global” and related to “projected taxes liabilities arising out of more than PS400m offshore assets that were hidden from HMRC”.
He stated that HMRC was on the side honest taxpayers and would take tough action if we suspect fraud.
“Our message is clear, no one is beyond reach.
On 22 August, the case will be heard first at Westminster Magistrates Court.
In 2017, Mr Ecclestone lost his long-standing control over Formula One. He resigned as chief executive.
Forbes estimates that he is worth more than PS2.5bn.