Former Formula One boss Bernie Ecclestone must wait a year before he stands trial for allegedly hiding more than £400m from the British tax authorities.

According to the 91-year-old tycoon’s accusation, he falsely claimed that he only had one trust set up for his daughters because he failed to report overseas assets to tax authorities.

Ecclestone, who was accompanied by his security personnel, arrived at Southwark Crown Court wearing a grey suit with a tie and three-piece suit.

Fabiana Flosi, Ecclestone’s wife of the moment, was present at court to support Ecclestone via public gallery.

He indicated that he will not face one count of fraud by false representation, which he faced between July 13, 2013 and October 5, 2016. This was when he appeared for the first time in court in August.

The father of four was allowed to enter the dock by Judge Deborah Taylor today, after telling the clerk that his hearing loss had made it difficult for him.

The plea hearing for his client was postponed to October 31, while Judge Deborah Taylor set the date of his trial for October 9, next year.

Ecclestone will turn 92 on October 28, when he celebrates his birthday.

Bernie Ecclestone, 91, as he arrived at Southwark Crown Court this morning ahead of hearing

Bernie Ecclestone (91), arrives at Southwark Crown Court ahead of the hearing

Former F1 boss Ecclestone faces fraud charge by false representation between 2013 and 2016

Ecclestone, former F1 boss faces fraud charges for false representation. This happened between 2013-2016

Robert Simpson, the prosecutor said earlier: “The charge arises aus a Revenue and Customs inquiry into Mr Ecclestone.

‘The Revenue and Customs instigated an investigation into Mr Ecclestone’s finances [and]He was also asked questions about trusts he had been involved with abroad during that court investigation.

The Crown accuses him of concealing a trust in Singapore that contained approximately $650million and a bank account.

The charge states that Ecclestone, who is accused of lying to his daughters Deborah (67), Tamara (38) and Petra (33), established only one trust. That being the one for your daughters.

According to him, he said that other than the trust for your daughters, you weren’t the settlor or beneficiary of any trust within the UK.

Earlier, 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.’

Simon York (Director, Fraud Investigation Services, HMRC) stated: “We are able to confirm that Bernard Ecclestone has been charged with fraud by false representation.” HMRC Fraud Investigation Service has conducted an extensive and global criminal investigation. The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC.

“HMRC stands by honest taxpayers and will pursue tax fraud suspects with a heavy hand. Our message is clear – no one suspected of tax fraud is beyond our reach.

Former Chief Executive of the Formula One Group Bernie Ecclestone looks on outside Southwark Crown Court

Bernie Ecclestone was the former chief executive of Formula One Group. He looks outside Southwark Crown Court.

Ecclestone is due to appear in court Southwark Crown Court accused of failing to declare a Singapore trust worth more than £400 million to the government

Ecclestone is due to appear in court Southwark Crown Court accused of failing to declare a Singapore trust worth more than £400 million to the government

“We ask people not to comment on or share information that might prejudice the proceedings. We will refrain from commenting on this matter further.

Ecclestone, a former race-car driver, was responsible for Formula One’s management from 1970s to 2017.

Between 2007 and 2011, he co-owned Queens Park Rangers with Flavio Bonatore.

The Sunday Times Rich List ranks Ecclestone, who has been married three times, as the 65th wealthiest person in the country, with an estimated net worth of £2.5billion.

Petra, Mr Ecclestone and Tamara at a fundraising event in London at the Corinthia Hotel, 2017

Petra, Mr Ecclestone and Tamara at a fundraising event in London at the Corinthia Hotel, 2017

Model Tamara Ecclestone with Bernie Ecclestone at the time at F1 World Championship 2013

Tamara Ecclestone and Bernie Ecclestone, model at F1 World Championship 2013.

Ecclestone of Knightsbridge in central London was released on unconditional bail prior to his trial scheduled for 9 October 2023.

Judge Taylor said: ‘I am content with the set of directions. He is on unconditional bail at the moment and I am continuing unconditional bail. I don’t think there is anything further that can be dealth with further prior to a trial judge being allocated.’

Ecclestone had been warned by the judge that failure to appear at trial could result in him committing a crime.

It is expected that his trial will take three weeks.