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Ecclestone avoids 1.2bn tax bill

Bernie Ecclestone has reportedly been able to avoid a tax bill of over £1bn despite his affairs being investigated by UK officials. The F1 ringmaster, who is currently facing bribery charges in Germany relating to the sale of F1's commercial rights to investment group CVC, was subjected to nine years of probing by HMRC, but ended up paying just £10m instead of a potential £1.2bn. According to the BBC's Panorama programme, the figure dates back to the point where Ecclestone acquired the television rights to F1 but, because he moved the rights on to his then wife, who transferred them to an offshore family trust, he was no longer liable to pay tax when the asset was sold on at a vast...
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