F1’s Ecclestone avoided potential £1.2bn tax bill

The BBC:

Formula 1 boss Bernie Ecclestone has avoided a potential £1.2bn tax bill as a result of a secret deal with HMRC.

The deal involved a payment of just £10m, according to legal transcripts obtained by BBC Panorama.

Revenue & Customs spent nine years investigating the Ecclestone family’s tax affairs before offering to settle in return for the payment from the family trusts in 2008.

Two problems here.  First, the secrecy around such a deal.  HMRC claims this is now more transparent – we’ll see.

Second, the tired phrase “HMRC does not comment on individual cases”.   We’ve covered why is can and should here.