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Ecclestone in £1bn tax fight
F1 supremo Bernie Ecclestone faces a £1bn tax bill after HMRC launches fresh challenge. Tax officials in the UK have issued a demand for more than £1bn in a case that stems from the Bambino Trust set up by Ecclestone in 1997 in Liechtenstein. While Ecclestone is understood to have come to an agreement with HM Revenue and Customs in 2008, paying an alleged £10m settlement, the trial of former BayernLB banker Gerhard Gribkowsky and subsequent legal cases in Germany, spurred the tax man into action resulting in a new bill for £1bn. The Bambino Trust, was set up for his (then) wife and daughters, and under the terms of the trust Ecclestone was to have no influence on...
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