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

HMRC said the sum includes money owed as part of his wider tax affairs, as well as a penalty of more than £340 million (€394 million)

Bernie Ecclestone admitted fraud when he faced Southwark Crown Court on Thursday (Picture: Lucy North/PA)

Ex-Formula One boss Bernie Ecclestone has been spared jail after admitting fraudulently failing to declare more than £400 million (€463 million) held in a trust in Singapore to the Government.

The court heard the 92-year-old former racing driver has agreed a civil settlement of £652,634,836 (€756,508,196) in respect of sums due to Britain'srevenue and customs agency, HMRC over the course of 18 years from 1994.