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. (GMM)
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