Ex-Formula One boss Bernie Ecclestone pleaded guilty in a London court on Thursday to one count of fraud for making dishonest representation to Britain's tax authority.
The 92-year-old appeared at Southwark Crown Court and pleaded to one count of fraud by false representation, just over a month before he was due to stand trial.
Prosecutors said Ecclestone made untrue or misleading representations to HM Revenue and Customers at a July 2015 meeting, when he said he "established only a single trust" in favour of his daughters.
Ecclestone, accompanied by his wife Fabiana, spoke only to confirm his name and to enter his plea.