Milan Mandaric is due before magistrates next month
The chairman of Leicester City Football Club has been charged with two counts of cheating the public revenue.
The charges against Milan Mandaric relate to the payment of US $295,000 to another person through a bank account in Monaco.
It meant he evaded tax and National Insurance contributions due between 1 April 2002 and 28 November 2007, the Crown Prosecution Service (CPS) said.
The allegation goes back to his time at Portsmouth Football Club.
Mr Mandaric is due to appear at City of Westminster Magistrates' Court on 11 February.
In a statement, the CPS said: "Milan Mandaric, the former chairman of Portsmouth Football Club, has today been charged with two counts of cheating the public revenue following a decision by the CPS Revenue and Customs Division.
"Following a thorough investigation by HM Revenue and Customs and the City of London Police, the CPS decided there was sufficient evidence and it was in the public interest to charge Mr Mandaric."