F1 boss must pay very much money – level 2
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?
LEARN 3000 WORDS with NEWS IN LEVELS
News in Levels is designed to teach you 3000 words in English. Please follow the instructions
How to improve your English with News in Levels:
- Do the test at Test Languages.
- Go to your level. Go to Level 1 if you know 1-1000 words. Go to Level 2 if you know 1000-2000 words. Go to Level 3 if you know 2000-3000 words.
- Read two news articles every day.
- Read the news articles from the day before and check if you remember all new words.
- Listen to the news from today and read the text at the same time.
- Listen to the news from today without reading the text.
- Answer the question under today’s news and write the answer in the comments.