Bernie Ecclestone UK’s second biggest taxpayer after £650m fraud settlement

Ex-F1 supremo Bernie Ecclestone has been named as the United Kingdom’s second-biggest taxpayer last year following his £650 million fraud settlement.

Ecclestone was forced to pay the hefty settlement after he was found guilty of failing to declare more than £400 million held in a Singapore trust.

The 93-year-old was spared jail after he agreed to settle £652.6m in tax that he was meant to pay HM Revenue & Customs.

Ecclestone was narrowly beaten to top spot by Russian-born financial trader Alex Gerko, who paid £664.5 in tax.

“I have always paid tax in the UK, every year I always have,” he told the Times.

“The issue was about the tax I earned overseas that the (UK) taxman thought I should pay UK tax on.

“It was an honest mistake and I think everyone knew that.”

Ecclestone was in charge of F1 for over 40 years, with his tenure coming to an end in 2017 when Liberty Media acquired ownership.

The 93-year-old still makes sporadic paddock appearances.