Ecclestone, who owned the championship-winning Brabham team from 1972 to 1987 as he rose to overall power in F1, led the series for more than four decades before its 2017 takeover by current owner Liberty Media. He then took on the 'chairman emeritus' and an advisory role.
But in July last year, the Crown Prosecution Service "authorised the charging of Bernard Charles Ecclestone with fraud by false representation, following a HMRC investigation."
This relates to a single count of fraud made on 7 July 2015, the court previously hearing how Ecclestone failed to declare in excess of £400m in trusts held in a Singapore bank account.
On Thursday, the 92-year-old, who has an estimated net worth of £2.5 billion, changed his plea to guilty while appearing at Southwark Crown Court.
It is now being reported that Ecclestone has reached a settlement to pay HM Revenue & Customs over £600m to cover 18 tax years.
Sky News notes that prosecutor Richard Wright KC said: "Mr Ecclestone was not entirely clear on how ownership of the accounts in question were structured.
"He therefore did not know whether it was liable for tax, interest or penalties in relation to amounts passing through the accounts.
Source: Autosport