Tricky accounting allows Formula 1 to pay almost no tax 25 July, 2013 It has emerged that due to a complex tax arrangement, Formula 1 pays a minuscule amount of tax, relative to the huge earnings generated by the sport. Writing in The Independent, leading Formula 1 business journalist Christian Sylt said that 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 1 teams association FOTA also declined to comment. (GMM) Subbed by AJN. Reports on GrandPrix247.com by: staff & contributors, Reuters syndication, GMM service, Formula 1 teams, sponsors & organisations.