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Ex-Formula One boss Bernie Ecclestone, 88, is set to settle his record £1BILLION tax demand with HMRC after a 20-year battle

Ex-Formula One boss Bernie Ecclestone, 88, is set to settle his record £1BILLION tax demand with HMRC after a 20-year battle

Bernie Ecclestone is reportedly about to settle a record-breaking £1billion tax bill after fighting with the HMRC for more than 20 years. 

The former Formula One chief executive, 88, has continually denied owing up to £1billion and there is no suggestion he has broken tax laws. 

He has faced long-running questioning about a Lichtenstein trust set up by his wife, Slavica, in 1997.  

Bambino trust is thought to have raised £3billion from selling F1 stakes.

A source told the Sun: 'There's been a number of offers made, and failed suggestions on how to settle the bill. But finally an arrangement seems to have been made.' 

It is usual for tax settlements to be on the basis of an agreed amount but with no admissions of liability.

Slavica, Tamara and her 28-year-old sister, Petra, are all beneficiaries of the trust.

When Bernie had a triple heart bypass in 1999, all of the share capital of F1's parent company was transferred to a business called Petara in Jersey.

Slavica transferred the asset - his most valuable - in case he died.

She then moved the shares to the trust. The trust's offshore location meant no tax was paid on the cash raised from selling the shares. 

Bernie is prevented from controlling the trust because he is a UK resident. Were he to take control, he would be required to pay tax on the money raised from selling the shares.

If UK residents transfer assets to a non-domicile and income becomes payable to that person, the law states that the person making the transfer must not enjoy it. 

The ex-F1 boss claims to never have controlled Bambino and in 2008 it was found he had not breached rules when transferring the shares. 

Six years later investigators argued in court they had been 'misled and relied on representations that were false' and rescinded the settlement agreement.

In 2015 Bernie's lawyers appeared at the High Court and it was found he filed three lawsuits in an attempt to block a bill issued by HMRC.

The bill he was trying to block related to 13 years of income the trust had earned that totalled £674million with another £349million in interest.

At the time Bernie said he was 'effectively suing' the government department for 'breach of contract' due to their assessment of him.

Tamara visited HMRC's base in East London in December 2017. It is not suggested that she broke tax laws.

HMRC has raised £3billion since it began a crackdown on offshore income in 2010.

Source: https://www.dailymail.co.uk/

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