Former Formula 1 boss Bernie Ecclestone has been charged with fraud over allegedly failing to declare more than 400 million pounds ($700 million) of overseas assets.
Prosecutors said Mr Ecclestone, 91, faced one count of fraud by false representation after a government investigation found he had failed to declare the assets to the British tax office.
Her Majesty's Revenue and Customs' Fraud Investigation Service director Simon York said the announcement followed a "complex and worldwide" investigation into the businessman's finances.
"The criminal charge relates to projected tax liabilities arising from more than 400 million pounds of offshore assets which were concealed from Her Majesty's Revenue and Customs," he said.
"Our message is clear — no-one is beyond our reach."
The first hearing in the case is set for August 22 at London's Westminster Magistrates Court.
Mr Ecclestone declined to comment when contacted by Reuters in Ibiza, but indicated the charge was not a surprise.
"It's something that has been talked about happening, but not in the way you said, something a little bit different to that, quite a while ago," he said.
"They've probably got all excited again. Let's see what happens."
The fraud charge is only the latest controversy to strike the British billionaire, after he was arrested by Brazilian police in May.
They said they had found a handgun in his luggage as he was trying to leave the country.
Mr Ecclestone acknowledged owning it but said he was unaware it was in his luggage. He was freed to leave after paying bail.
He also caused offence and drew condemnation in June when he defended Russian President Vladimir Putin in a television interview as a "first class person" he would "take a bullet" for.
He later apologised, saying he was not defending the Russian invasion of Ukraine.
The Briton was ousted as Formula 1 supremo in 2017 when US-based Liberty Media took over the sport's commercial rights.
He maintains an office in London but now spends most of his time abroad, with residences in Switzerland and Ibiza as well as a farm in Brazil.
ABC/AP/Reuters
