The circumstances surrounding Bernie Ecclestone's guilty plea to fraud reinforce the importance of full and thorough analysis, advice and transparency in relation to tax matters.
In summary, Mr Ecclestone had previously declared "only a single trust" upon questioning by HMRC, whereas prosecutor Richard Wright KC explains that "As of July 7 2015, Mr Ecclestone did not know the truth of the position, so was not able to give an answer to the question". The prosecutor adds that: "Mr Ecclestone recognises it was wrong to answer the questions he did because it ran the risk that HMRC would not continue to investigate his affairs...He now accepts that some tax is due in relation to these matters."
Clearly a considered approach to organising and maintaining one's affairs (which includes the handling of any challenges or enquiries by tax authorities) is critical. Advisors with an overarching understanding of relevant considerations (including the interplay of international and cross-border factors) may therefore offer good value, and cheaper than paying a heavier, punitive price.
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...he had told HMRC he was "not the settlor nor beneficiary of any trust in or outside the UK". But Ecclestone was charged when investigators uncovered evidence he stood to gain from the arrangement.
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