Former Formula One boss Bernie Ecclestone has pleaded guilty to fraud after failing to disclose over £400 million held in a Singapore trust.

The 92-year-old billionaire neglected to report the trust when questioned by tax authorities regarding overseas wealth.

Ecclestone has reached a civil settlement to reimburse £653 million to HM Revenues and Customs, according to court proceedings.

Originally, he was scheduled to face trial next month after initially pleading not guilty.

Ecclestone's sentencing is yet to be determined.

Arriving at Southwark Crown Court with his wife, Fabiana, Ecclestone only spoke to confirm his guilty plea and provide essential information.

He faced charges following a tax inquiry conducted by HMRC, which described the investigation as "complex and international."

Prosecutors claim that Ecclestone had disclosed "only a single trust" to tax authorities, one established for his daughter's benefit.

The charge asserted that he informed HMRC that he was "neither the settlor nor beneficiary of any trust within or outside the UK."

However, investigators uncovered evidence showing that Ecclestone stood to benefit from this arrangement, resulting in the charges against him.

In court, prosecutor Richard Wright KC stated that Ecclestone had knowingly provided an "untrue or misleading" response to HMRC when he denied having any additional trusts outside the UK.

Wright continued, "As of July 7, 2015, Mr. Ecclestone was not aware of the true circumstances, and thus, he was unable to answer the question. He was not entirely clear on the structure of the accounts in question, making him uncertain about potential tax liabilities, interest, or penalties associated with the funds passing through those accounts. Mr. Ecclestone now acknowledges the incorrect nature of his responses and recognizes that some tax is owed concerning these matters." Photo by Ryan Bayona, Wikimedia commons.