Jul.25 (GMM/Inautonews.com) A clever tax arrangement sees formula one pay a tiny amount of tax, it has emerged.
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.