Bernie Ecclestone will be charged with fraud by false representation following an investigation into overseas assets believed to be worth more than £400 million.

The charge against the 91-year-old former F1 boss was authorised by the Crown Prosecution Service, who confirmed criminal proceedings are now active.

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.’

Simon York from HMRC said the investigation had been ‘complex and worldwide’.

‘The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC,’ he said.

‘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 be heard at Westminster Magistrates’ Court on August 22.

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