Ex-Formula One boss Bernie Ecclestone has averted jail after pleading responsible to fraud over a failure to declare £400m held in a belief in Singapore to the federal government.

Ecclestone, who turns 93 later this month, was sentenced to 17 months in jail, suspended for 2 years, at Southwark Crown Court.

The billionaire has made a £652.6m fee to HM Revenue and Customs (HMRC) masking his tax affairs over 18 years.

He was because of face trial in November however appeared in court docket at this time carrying a darkish gray swimsuit, supported by his third spouse, Fabiana Flosi, to plead responsible to a single rely of fraud on 7 July 2015.

Prosecutors mentioned Ecclestone made unfaithful or deceptive representations to HMRC at a July 2015 assembly, when he mentioned he “established only a single trust” in favour of his daughters Deborah, Tamara and Petra.

The court docket heard Ecclestone answered “no” when requested by HMRC officers whether or not he had any hyperlinks to additional trusts “in or outside the UK”.

He didn’t declare a belief in Singapore with a checking account containing round $650m, price about £400m on the time.

Prosecutor Richard Wright KC mentioned Ecclestone “knew his answer may have been untrue or misleading” however “did not know the truth of the position, so was not able to give an answer to the question”.

“Mr Ecclestone recognises it was wrong to answer the questions he did because it ran the risk that HMRC would not continue to investigate his affairs,” he mentioned.

“He now accepts that some tax is due in relation to these matters.”

The court docket heard Ecclestone saved round £100,000 in charges by bringing the investigation to an finish, however Mr Wright mentioned: “One could argue there’s been no savings because the discovery of the lie has led to significant expenditure in legal fees.”

At an earlier listening to, his lawyer Clare Montgomery KC referred to as the proof of a heart specialist to unsuccessfully argue her shopper mustn’t face trial as a result of the stress of proceedings might kill him.

Ms Montgomery KC additionally claimed he was charged per week after he made “extremely unpopular” remarks about Russian President Vladimir Putin on ITV’s Good Morning Britain on 30 June 2022.

“We will be submitting, on the face of it, the assumption he was being prosecuted because of that rather than the legitimate public interest criteria,” she mentioned on the time.

Ecclestone was compelled to difficulty an apology after saying he would “take a bullet” for Mr Putin and described him as “a first-class person”.

Ms Montgomery mentioned Ecclestone “bitterly regrets” the occasions that led to him being prosecuted, including: “It was not Mr Ecclestone’s intention to avoid paying tax. He has always been willing to pay the tax that was due.”

She mentioned his reply was an “impulsive lapse of judgement” and that he was now in “frail health” with the proceedings inflicting “immense stress to him and those who love him”.

Sentencing Eccleston, who was stood within the dock, Mr Justice Bryan mentioned the “undoubted seriousness” of his offending was mitigated by components together with his age, well being and the tax settlement he has paid.

“That has caused me to stand back and reflect upon whether the seriousness of your offending is such that appropriate punishment can only be achieved by immediate imprisonment,” he mentioned.

“I am, however, persuaded by the joint submissions, and agreement, of the prosecution and the defence, that the seriousness of your offending does not mean that appropriate punishment can only be achieved by immediate imprisonment, and weighing all of the factors in the balance I am going to pass a suspended sentence order.”

Ecclestone made an inaudible response to questions from reporters as he left court docket and bought right into a ready white Range Rover.

Richard Las, HMRC chief investigation officer, mentioned: “Bernie Ecclestone has had ample time and numerous opportunities to take responsibility and be honest with HMRC about his tax affairs.

“Instead of taking these alternatives he lied to HMRC and in consequence we opened a prison investigation.

“This investigation has involved enquiries around the world and culminated with Bernie Ecclestone’s guilty plea to fraud. He now has a criminal record and has paid £652m relating to his wider tax affairs.”