In July 2015, the 92-year-old billionaire failed to report the trust to the government.

He told the judge in Southwark Crown Court on Thursday, “I plead guilty,” after previously pleading not guilty.

Ecclestone was scheduled to stand trial next month.

He was charged following a tax investigation by HM Revenues and Customs, which described the investigation as “complex and global.”

Prosecutors claim he declared to tax officials “only a single trust” on behalf of his daughter.

According to the accusation, he told HMRC that he was “neither the settlor nor the beneficiary of any trust in or outside the United Kingdom.”

However, Ecclestone was charged after investigators discovered evidence that he benefited from the deal.

Following Ecclestone’s guilty plea, prosecutor Richard Wright KC stated in court that the defendant had deliberately provided HMRC a “untrue or misleading” answer when he stated that he had no more trusts outside the UK.

“As of July 7, 2015, Mr Ecclestone did not know the truth of the position and was unable to respond to the question,” he continued.

“Mr Ecclestone was unsure how ownership of the accounts in question was structured.”

“As a result, he had no idea whether it was liable for tax, interest, or penalties on amounts passing through the accounts.”

“Mr Ecclestone recognizes that answering the questions he did was wrong because it put HMRC’s investigation into his affairs at risk.”

“He now accepts that some tax is due in relation to these matters.”