F1 pays almost no tax - report

The sport paid less than $1.5 million in tax in 2011, despite making a profit of almost half a billion dollars.

Jul.25 (GMM) A clever tax arrangement sees Formula One pay a tiny amount of tax, it has emerged.

Bernie Ecclestone, CEO Formula One Group, on the grid
Bernie Ecclestone, CEO Formula One Group, on the grid

Photo by: XPB Images

Writing in The Independent, leading F1 business journalist Christian Sylt said the sport paid less than $1.5 million in tax in 2011, despite making a profit of almost half a billion dollars.

Sylt said the low tax bill was achieved due to a complex web of loans within the Bernie Ecclestone-headed empire.

Sun journalist Ben Hunt quoted British tax office Her Majesty's Revenue and Customs as saying: "We do not discuss individual businesses."

The Formula One teams association FOTA also declined to comment.

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About this article
Series Formula 1
Drivers Bernie Ecclestone
Article type Breaking news
Tags ben hunt, christian sylt, ecclestone, fota, tax