Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Tax List finds Russian-born billionaire has overtaken Bet356 family as UK's top taxpayer

Tax List finds Russian-born billionaire has overtaken Bet356 family as UK's top taxpayer

The UK's new top taxpayer, according to The Sunday Times Tax List, is not Nadhim Zahawi but a little-known City billionaire. The list shows a leap in the amounts being paid by the UK's top ten taxpayers - and raises questions about how taxes will fund public services in the future.

A Russian-born City billionaire is the UK's top taxpayer, according to a closely watched list.

Alex Gerko, the founder of XTX Markets who has British citizenship, was deemed to have stumped up £487.4m in the last tax year by the Sunday Times Tax List.

The sum is the equivalent of around £55,639 an hour, the report said, as it revealed a shake-up at the top of the rankings.

The founder of online gambling firm Bet365, Denise Coates, and her family were shifted into second place for the first time in the list's history.

They were said to have paid £460.2m to UK coffers on the back of their earnings.

The top ten taxpayers, main area of interest, and estimated sum:

• Alex Gerko (financial trading) £487.4m

• Denise, John and Peter Coates (gambling) £460.2m

• Stephen Rubin and family (sportswear) £392.3m

• Sir Chris Hohn (hedge fund) £263m

• Fred and Peter Done and family (gambling) £136.8m

• Mike Ashley (sports equipment and fashion) £133.5m

• Tim Martin (pubs) £123.2m

• Ranjit and Baljinder Boparan and family (food) £120.7m

• Tom Morris and family (retail) £112.2m

• Ian and Richard Livingstone (property) £104m

Denise Coates and her family have headed the list for the past three years


Other big names in the top 100 include Sting, the Duke of Westminster and Harry Potter author JK Rowling.

Those making the list were liable for a total of almost £5.2bn of UK tax last year - with the top ten responsible for delivering £2.3bn alone - a rise of nearly 14% on the total reported 12 months ago.

The sums are calculated based on publicly available filings and can include corporation tax, dividend tax, capital gains tax, income tax and payroll tax payments, along with any gambling and alcohol duties.

Who is Alex Gerko?


Mr Gerko - unlike many of the others making the top 100 - is not a household name.

He owns 75% of algorithm-led trading firm XTX which, according to Bloomberg, paid out a dividend of £1.3bn last March.

Mr Gerko has many charitable interests and those have reportedly included support for Ukraine-linked causes in the wake of Russia's invasion.

The new rankings were released as a whiff of tax-related scandal hangs over Westminster, with Nadhim Zahawi under pressure to quit as the Tory party chairman.

He is facing an investigation into whether he breached the ministerial code over an HMRC tax settlement, estimated to have been worth £4.8m, while he was chancellor.

Pressure on his position has grown since the boss of HMRC told MPs there are "no penalties for innocent errors".

Chancellor Jeremy Hunt is also under pressure on the issue of tax. He is facing pressure from critics on multiple fronts, with Tory backbenchers keen on tax cuts and others urging him to make the wealthiest pay more to help ease the budget deficit and pay striking public sector workers more.

In a speech today he appeared to rule out any immediate tax cuts while talking up Britain's economic prospects.

List raises questions about funding public services


Robert Watts, the list's author, said: "You will find celebrities on the Tax List but many of the entries are people who quietly run largely unheralded businesses that have been creating jobs and paying millions of tax for decades or even centuries.

"So-called 'unicorn' tech firms may dominate the headlines, but they often aren't cash cows for the Treasury because they don't employ large numbers of people or show big profits.

"It's the long-established retailers, pub groups and other bricks-and-mortar businesses that often contribute more.

"There lies the challenge for the chancellor and his successors. As our economy inevitably shifts further and further online, how do we continue to fund the public services we all want?"

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×