F1 boss must pay very much money – level 3
Ex-Formula One chief Bernie Ecclestone won’t go to prison after confessing to tax fraud in the UK.
He admitted misleading the British tax authority about assets worth over 492 million dollars. Ecclestone will pay a total of 803 million dollars in tax, interest, and penalties for 18 tax years between 1994 and 2022. He pleaded guilty to fraud by giving false information in 2015 when he denied being the beneficiary of various trusts, including one that transferred more than 500 million dollars to a Singapore bank account in 2010.
The judge handed him a 17-month suspended prison sentence, meaning he’d serve jail time only if he committed another crime within two years.
Difficult words: fraud (the crime of obtaining money or property by deceiving people), plead (to make a statement of what you believe to be true), beneficiary (a person who receives money or assets from a trust, will, or insurance policy).
You can watch the video news lower on this page.
What are the details of the trusts that Ecclestone was accused of fraudulently denying involvement with?
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.