Former Formula 1 boss Bernie Ecclestone will be charged with fraud by false representation following an investigation into overseas assets believed to be worth more than £400m.

The Crown Prosecution Service said the charge follows an investigation by HMRC.

“The CPS has authorised a charge against Bernard Ecclestone,” it said.

The CPS said the charge of fraud is “in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400m”.

Last month Ecclestone said he would “take a bullet” for Russia’s president Vladimir Putin in an interview with ITV’s Good Morning Britain.

In May, Ecclestone – who was involved with F1 in various roles since the 1950s – was arrested in Brazil for illegally carrying a gun while boarding a plane.