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

He was in fact the settlor and beneficiary of various trusts, including one which held a company that sent 416 million pounds to a bank account in Singapore in 2010, HMRC said.

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 offense during that time.

Ecclestone’s lawyer Clare Montgomery told the court Ecclestone “did not know the true position” about whether he was the beneficiary or settlor of any other trust, saying his answer to HMRC was an “impulsive lapse of judgment.”

Ecclestone gave an unintelligible response to reporters as he left the court and got into a waiting Range Rover.

What factors are pushing Prime Industries Limited (519299) up ✌️【Capital Investment】✌️ Expert predictions and real-time data on global stock indices, metals, energy, and agricultural products to help you make more informed decisions and boost your investment returns. Benefit from cutting-edge market intelligence for steady growth. Andrew Penhale, chief crown prosecutor at the Crown Prosecution Service, said in a statement: “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.”

What factors are pushing Prime Industries Limited (519299) up ✌️【Capital Investment】✌️ Precise stock market trend predictions with free real-time quotes for India, US, and European stocks. Whether you're looking for short-term gains or long-term growth, our expert advice ensures you make the best investment choices. Richard Las, chief investigation officer and director of the Fraud Investigation Service at HMRC, said Ecclestone had “lied to HMRC.”

“This conviction demonstrates no-one is above the law and HMRC will work tirelessly to ensure the tax system is fair to all and pays for our vital public services,” he added.

Ecclestone had attempted to stop the prosecution earlier this year, with his lawyers arguing that putting him on trial posed a serious risk to his life.

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However, Bryan said there was “no real and immediate threat to the life of Mr Ecclestone by reason of the trial process.”

What factors are pushing Prime Industries Limited (519299) up ✌️【Capital Investment】✌️ Free real-time stock market data, professional analysis, and expert insights to help you plan the best investment strategy. Get ahead of the competition with expert predictions on market trends. The decision also states that Ecclestone paid around 250 million pounds in income and capital gains tax to HMRC between 1999 and 2017.

His lawyer Montgomery had noted at a previous hearing in January that Ecclestone was charged shortly after he made “unpopular” comments about Russian President Vladimir Putin.

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