F1 boss must pay very much money – level 2

17-10-2023 07:00

Ex-Formula One boss Bernie Ecclestone doesn’t have to go to jail after he admitted tax fraud.

He said sorry for not telling the truth about his overseas assets worth over 492 million dollars. He will pay 803 million dollars in tax, interest, and penalties for 18 tax years from 1994 to 2022. The 92-year-old said that he lied to the tax authority in 2015 when he claimed that he didn’t own some assets, including one that sent 500 million dollars to a Singapore bank account in 2010.

The judge gave Ecclestone a 17-month suspended prison sentence, which means that he will only go to jail if he breaks the law within two years.

Difficult words: tax fraud (when a person or organization cheats in order not to pay taxes), asset (something what a person or company owns), interest (money which someone has to pay for the use of money lent or for a delayed payment).

You can watch the original video in the Level 3 section.

What does Ecclestone's suspended sentence entail?


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