Former Formula One boss Bernie Ecclestone has been charged with fraud by false representation, the Crown Prosecution Service has announced.
The 91-year-old billionaire businessman failed to declare overseas assets believed to be worth more than £400m, according to investigators.
The charge was cleared by the Crown Prosecution Service (CPS) on Monday following an investigation by HMRC.
Andrew Penhale, Crown Attorney General, said: “The CPS reviewed a file of evidence from HMRC and cleared a charge of fraud by false representation in relation to his failure to declare to HMRC the existence of assets held overseas for which believed to be worth more than £400 million.”
HMRC’s Simon York said the investigation was “complex and worldwide” and related to “projected tax liabilities arising from more than £400m of offshore assets which were hidden from HMRC”.
“HMRC is on the side of honest taxpayers and we will take strong action when we suspect tax fraud,” he said.
“Our message is clear – no one is beyond our reach.”
The case will first be heard at Westminster Magistrates’ Court on August 22.
Ecclestone’s long-standing control of Formula 1 ended in 2017 when he stepped down as chief executive.
He is believed to be worth over £2.5 billion, according to Forbes.
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