Former Formula One boss Bernie Ecclestone will be charged with fraud by false representation over an alleged failure to declare £400million of overseas assets to the government.
The charge against the 91-year-old was authorised by the Crown Prosecution Service (CPS) on Monday following an investigation by Revenue and Customs (HMRC).
The HMRC say proceedings against the 91-year-old show that 'no-one is beyond our reach' in relation to tax fraud.
Chief Crown Prosecutor Andrew Penhale said: "The CPS has reviewed a file of evidence from HMRC and has authorised a charge against Bernard Ecclestone of fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400m.
"The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that they have a right to a fair trial. It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings."
Ecclestone, who ran F1 from the 1970s up until 2017, also entered two Grands Prix as a driver in 1958 and owned Queens Park Rangers between 2007 and 2011.
Simon York, director of HMRC's Fraud Investigation Service, said: "We can confirm that a fraud by false representation charge has been authorised against Bernard Ecclestone. This follows a complex and worldwide criminal investigation by HMRC's Fraud Investigation Service. The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC.
"HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax fraud. Our message is clear - no one is beyond our reach.
"We remind people to refrain from commentary or sharing of information that could prejudice proceedings in any way. This is now a matter for the courts and we will not be commenting further."
The case will first be heard at Westminster Magistrates' Court on August 22.
Ecclestone, no stranger to controversy, recently raised eyebrows for stating he would 'take a bullet' for Russian president Vladimir Putin amid the ongoing invasion of Ukraine.
"I'd still take a bullet for him. Id' rather he didn't hurt, but I'd still take a bullet for him," he told Good Morning Britain.
"Because he's a first class person and what he's doing is something that he believed was the right thing he was doing for Russia."
Ecclestone also claimed Lewis Hamilton should have "brushed aside" alleged racist abuse by former racing driver Nelson Piquet.
"I've known Nelson for an awful long time," he explained. "I was with him a couple of weeks ago. It's not the sort of thing Nelson would say meaning something bad.
"He probably thinks lots of things he says which might upset us or might feel a little bit offensive.... to him it's nothing. It's just part of conversation.
"Nelson would never go out of his way to say anything bad.
"People say things... if people happen to be a little bit overweight, or undersized like me, I'm quite sure a lot of people have made remarks about that. If I'd have heard it, I'd have been able to deal with it myself without too much trouble.
"I'm surprised Lewis hasn't just brushed it aside. Or, better than that, replied. But he's now come out and Nelson has apologised."
