Formula 1 boss Bernie Ecclestone avoided a potential £1.2bn tax bill after reaching a settlement deal with HMRC, according to a new BBC Panorama probe.
The BBC obtained legal transcripts which revealed HMRC spent nine years investigating Ecclestone’s family tax affairs before offering to settle for just £10m in 2008.
The investigation goes back to 1995 when Ecclestone secured ownership of the TV rights of Formula 1, and then moved the asset offshore before giving the rights to his then wife, Slavica. She transferred them to a family trust in Liechtenstein before selling them on.
The BBC said that it could be...