Bernie Ecclestone is challenging the legality of assessments that have led to a £1billion-plus UK tax claim against him.
The Formula 1 supremo is seeking to have the assessments quashed and the tax authorities held to an April 2008 settlement.
It is understood that the settlement covered the period from the tax year ended 5 April 1996 to the tax year ended 5 April 2006.
Mr Ecclestone's lawyers applied on Thursday for permission to seek judicial review, arguing HM Revenue and Customs (HMRC) should not have attempted to make the assessments in the light of the settlement.
A High Court judge ruled one of the tycoon's grounds for review "arguable" but said his application should be stayed while his lawyers pursue alternative proceedings in the Commercial Court.
Mr Justice Kenneth Parker, sitting in London, said the tax and interest being demanded from Ecclestone was more than £1billion.
The judge said HMRC wrote to Mr Ecclestone in December saying he had withheld information that made the 2008 agreement invalid.
At the centre of the case is the Ecclestone family's Bambino trust which was set up overseas for the benefit of Mr Ecclestone's ex-wife, Slavica, and their two daughters Tamara and Petra. Slavica is named as an "interested party" in the legal action.
HMRC re-opened its investigation of Bambino when it was disclosed in a bribery trial that the trust had made a payment to a German banker who Ecclestone claimed had threatened to report him to British tax collectors, said the judge.
Mr Ecclestone has stated he has nothing to do with the management of the trust funds and does not benefit from them.
Court documents state HMRC has alleged Mr Ecclestone "was the transferor of relevant assets abroad".
His legal team says HMRC has failed to answer his arguments "concerning the absence of any rational reason for resiling from the promise, made in the settlement letter, not to assess the claimant despite the various transfer of assets made by him".
After Thursday's hearing Richard Oldworth, spokesman for Mr Ecclestone, said: "Mr Ecclestone welcomes the judge's recognition that one of the grounds for the judicial review is arguable and may proceed at a later date and that HMRC's application for costs was refused.
"As the judge recognised, Mr Ecclestone will in any event be pursuing other legal avenues to ensure that HMRC is held to its original agreement of 2008.
"He merely wants HMRC to act in accordance with its obligations and the law.
"Mr Ecclestone has chosen to live in the UK, even though he could have lived and worked elsewhere, and he has always been content to pay UK taxes at whatever rate has applied."
Source: PA
