F1 ‘pays ??1m tax on ??300m profit’

F1 Fanatic Round-up

Start, 2013 German Grand Prix, Nurburgring,In the round-up: The Independent details how Formula One Management minimises its tax payments in the UK.

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Revealed – Formula One pays ??1m corporation tax on ??300m profit (The Independent)

“The company that runs Formula One has used a complex technique to legally avoid paying tens of millions of pounds in corporation tax despite racking up annual profits of ??305m last year, The Independent has learned.”

Formula One Russian Grand Prix venue gets initial thumbs up from FIA (AutoWeek)

“The new venue of next year’s Russian Grand Prix in the resort city of Sochi has received a favorable report after an FIA inspection by the governing body’s Formula One technical delegate, Charlie Whiting.”

Wer hat die besseren Nerven? (Auto Motor und Sport, German)

AMuS claims Bernie Ecclestone is trying to take control of accrediting journalists and photographers for F1 races from the FIA.

Williams ‘positive’ over tyres (Sky)

Chief engineer Xevi Pujolar: “New-tyre grip is a bit different on the warm-up phase but then in long-run consistency we think they are a bit better. In terms of graining and resistance it’s better as well. For the race it will change a bit because you can push, so for us it’s a positive change.”

Williams not planning more Wolff runs (Williams)

Wolff: “We have two great drivers so there is no possibility of Friday driving happening before the end of the season.”

Hungary, then the Half-Term Holiday (Ferrari)

Felipe Massa: “People say the characteristics of our car are not best suited to this circuit and that it will be tough for us to fight for the win here, but I am not sure this is an accurate assessment, because there have been other circuits where we expected our car to be very strong and it was not and vice versa.”

Can Formula One Survive Without Bernie Ecclestone? (Die Welt / Worldcrunch)

“The coffers of the small racing stables are empty, which is why in the past they?ve accepted — without complaint ?ǣ to race in authoritarian countries like Bahrain and China. A recent rule of thumb at F1 has been: If you show us the money, we?ll race.”

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Comment of the day

Lots of you were pleased to see Austria’s grand prix track return to the F1 calendar, including @JackySteeg:

Excellent news! I just hope they don?t make any modifications to add a kilometer-long straight and a dozen 90 degree corners, to make it more ??modern??. F1 needs an old-fashioned short track.

Plus, it?s always good to see F1 go to a country with an established fan base.
@JackySteeg

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On this day in F1

It rained for the second race in a row on this day in 1988 at the Hockeheimring. Ayrton Senna won again while Alain Prost was second in the other McLaren after a spin.

Gerhard Berger took third for Ferrari, well ahead of team mate Michele Alboreto.

Here’s the conclusion to the race:

Image ?? Red Bull/Getty

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73 comments on F1 ‘pays ??1m tax on ??300m profit’

  1. PMccarthy_is_a_legend (@pmccarthy_is_a_legend) said on 24th July 2013, 20:21

    I think more alarming that the tax issue (and that is very alarming in my view) is the fact that FOM made a £300 million profit whereas the teams who employ the people, drive the R&D, create the heroes and put on the show are struggling to survive.
    The teams know they are being taken advantage of but don’t seem to be able to do anything about it. Its ‘divide and rule’ strategy at its most blatant and it is very sad. When will this change or will it ever change?

    • Nathan (@il-ferrarista) said on 24th July 2013, 21:41

      Well didn’t FOTA threat FOM in 2009? I mean, FOTA caused massive instabilty and shaked FOM during their fight in second part of 09. Or was it about money really, or something else?

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