Bernie Ecclestone is to be charged with fraud.
The former Formula One boss has been the subject of a "complex and worldwide criminal investigation" from HMRC over overseas assets believed to be worth over £400 million, and now the Crown Prosecution Service (CPS) have confirmed he is to be charged.
Chief crown prosecutor Andrew Penhale said the CPS have authorised a charge against the 91-year-old businessman 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".
He added: "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."
HMRC warned the charges proved that "no one is beyond [their] reach".
Simon York, the 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."
Ecclestone was head of Formula 1 for 40 years until he was removed as chief executive officer in 2017.