Ecclestone was involved in Formula One from the late 1970s until January 2017, when he was replaced as chief executive by Chase Carey.
Bernie Ecclestone, the former Formula One chief executive, will stand trial in October 2023 for allegedly failing to declare £400 million in overseas assets.
The former Formula One boss was charged earlier this summer after HM Revenue and Customs, the British tax authority, claimed he failed to declare offshore assets worth more than £400 million from 13 July 2013 to 5 October 2016.
Ecclestone appeared in Westminster Magistrates’ Court in August to plead not guilty to a single fraud charge, and a trial date of October 9, 2023 was set by Judge Deborah Taylor at a hearing at Southwark Crown Court on Tuesday.
Prosecutor Alexander Langhorn expects the trial to last six weeks, with half-day sessions possible if the “defendant’s fitness to participate” is insufficient, and the judge confirmed that Ecclestone may not be required to be “present throughout” proceedings.
Ecclestone is accused of failing to declare funds from a Singapore trust fund containing a bank account worth approximately $650 million.
The charge against him claims he only declared “a single trust” to tax authorities, in favor of his daughters, while the defense claims he is “not the settler or beneficiary of any other trust,” though prosecutors claim Ecclestone acted “with the intention of making a gain for yourself.”
When Ecclestone was charged in the summer, HMRC Fraud Investigation Service director Simon York stated, “[The charge] follows a complex and worldwide criminal investigation by HMRC’s Fraud Investigation Service.”
“HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax fraud. Our message is clear—no one is beyond our reach.
“We remind people to refrain from commentary or sharing of information that could prejudice proceedings in any way. This is now a matter for the courts, and we will not be commenting further. “
