Following a review of evidence presented by HMRC, the Crown Prosecution Service has authorised a charge against Bernie Ecclestone of ‘fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400m’.
The charge follows an investigation by HMRC’s Fraud Investigation Service which found suspected potential tax liabilities arising from offshore assets which had been concealed from HMRC. Noting a defendant’s right to a fair trial in criminal proceedings, HMRC has said it will not be commenting further.
Adam Craggs, tax partner at RPC, said: ‘The approval of charges by the CPS following an investigation by HMRC of such a high-profile individual is an indication that HMRC is prepared to pursue those it suspects of tax fraud, no matter how complex the arrangements or prominent the individual concerned. Following a noticeable decline in criminal investigations during the pandemic, we have seen HMRC become increasingly active in recent months and this charging decision sends out a very clear message to the wider public.’
‘Spokespersons from HMRC have emphasised the cross-border nature of the investigation, which, coming just two months after the J5 tax crime summit in London in May (following a four year pandemic induced hiatus) demonstrates just how accustomed investigators have become to cooperating in international investigations,’ he added.
Following a review of evidence presented by HMRC, the Crown Prosecution Service has authorised a charge against Bernie Ecclestone of ‘fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400m’.
The charge follows an investigation by HMRC’s Fraud Investigation Service which found suspected potential tax liabilities arising from offshore assets which had been concealed from HMRC. Noting a defendant’s right to a fair trial in criminal proceedings, HMRC has said it will not be commenting further.
Adam Craggs, tax partner at RPC, said: ‘The approval of charges by the CPS following an investigation by HMRC of such a high-profile individual is an indication that HMRC is prepared to pursue those it suspects of tax fraud, no matter how complex the arrangements or prominent the individual concerned. Following a noticeable decline in criminal investigations during the pandemic, we have seen HMRC become increasingly active in recent months and this charging decision sends out a very clear message to the wider public.’
‘Spokespersons from HMRC have emphasised the cross-border nature of the investigation, which, coming just two months after the J5 tax crime summit in London in May (following a four year pandemic induced hiatus) demonstrates just how accustomed investigators have become to cooperating in international investigations,’ he added.
