By Jonathan Davies

Formula 1 boss Bernie Ecclestone has gone to court to challenge a HMRC assessment which could leave him with a £1 billion tax bill.

The 84-year old wants HMRC to be held to an agreement from April 2008.

The new assessment covers 1996 to 2006, but Mr Ecclestone claims HMRC should not have attempted to make new assessments following the 2008 agreement.

High Court judge Mr Justice Kenneth Parker said that at least one of the claims made by the Formula 1 boss was "arguable".

HMRC is believed to have written to Mr Ecclestone to inform him that the agreement was invalid, claiming he withheld information.

The case focuses on Ecclestone's Bambino trust, which was set-up in Lichtenstein in 1997 for his then-wife Slavica, and daughters Tamara and Petra.