In a brief appearance at Southwark Crown Court, the 92-year-old billionaire plead guilty to a single count of fraud today.

This followed an investigation by HMRC into the tax affairs of Ecclestone, which found that funds had been placed in a Singapore based trust to reduce UK tax liability over a three-year period from July 2013 to October 2016.

He has been sentenced to 17 months in jail, suspended for two years, and has paid HMRC £652m in relation to his wider tax affairs, covering tax, interest and civil penalties. The settlement agreement related to an 18-year period from tax years 1994/1995 to 2021/2022 with a payment in settlement of £652,634,836.

Judge Mr Justice Bryan said: ‘I accept that this settlement reflects a determination and demonstration of steps taken on your part to address your offending subject to this indictment and also reflects remorse on your part for your offending.’

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