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F1’s Ecclestone Challenges £1 Billion U.K. Tax Bill
Formula One czar Bernie Ecclestone is asking for judicial review of a British claim that he owes more than 1 billion (€1.4 billion) in back taxes, BBC News reports.
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Formula One czar Bernie Ecclestone is asking for judicial review of a British claim that he owes more than 1 billion (€1.4 billion) in back taxes, BBC News reports.
At issue are assessments for the period between April 1996 and April 2006. Ecclestone wants the new evaluation dismissed and Her Majesty's Revenue and Customs department held to its 2008 agreement about the amount due.
HMRC contends that Ecclestone withheld key information that invalidates the earlier settlement. The case involves the Ecclestone's Bambino Holdings Ltd., a trust set up in 1997 on behalf of his now ex-wife and two daughters.
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