London Daily

Focus on the big picture.

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?"

Newsletter

Related Articles

London Daily
0:00
0:00
Close
Israel Warns France of Iranian Threats at Paris Olympics
Possible Successors to Rishi Sunak as Conservative Party Leader
Olaf Scholz to Run for German Chancellor Again in 2025
TikTok Fined by UK Regulator for Child Safety Data Reporting Failures
Miracle Baby Born After Gaza Airstrike
Global Tech Outage Caused by Bug in CrowdStrike's Software
Ukrainian FM Open to Peace Talks with Russia, China Reports
EU to Transfer Interest from Frozen Russian Funds to Ukraine
Greenpeace Co-Founder Paul Watson Arrested in Greenland
EU Relocates Summit to Punish Hungary over Orban's Ukraine Visit
Netanyahu Seeks Meeting with Trump During Washington Visit
World's Hottest Day Recorded on July 21
UK Labour Government To Halt Migrant Housing on Accommodation Barge
President Biden Returns to White House After Testing COVID Negative
Trump Says Kamala Harris Would Be Easier Election Opponent Than Biden
Thousands Protest in Mallorca Against Mass Tourism
Immigration Crackdown Targets Car Washes and Beauty Sector
Nigeria's Controversial Return to Colonial-Era National Anthem
Hacking Vulnerabilities: Androids vs. iPhones
Ukraine Crisis Should Be EU's Responsibility, Says Trump’s Envoy
A Week of Turmoil: Key Moments in US Politics
Barrow's Sacred Heart Primary School Faces Long-Term Closure
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
US Advises India on Russian Ties Amid Geopolitical Shifts
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
Global IT Outage Sparks Questions About Financial Accountability
CrowdStrike Bug Affects 8.5 Million Windows Devices
Flights Resume After Major Microsoft Outage
US Criticizes International Court's Opinion on Israeli Occupation
CrowdStrike Update Causes Global IT Outage Due to Skipped Quality Checks
EU’s Patronizing Attitude Towards Africa Revealed
Netanyahu Denounces World Court Ruling on Israeli Occupation
Adidas Drops Bella Hadid Over Controversy
Global Outage Caused by CrowdStrike Update Impacts Millions
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Global Windows Outage Causes Chaos Across Banks, Airlines, and More
Russia Accuses Ukraine of Using Chemical Weapons
UK's Flawed COVID-19 Planning Exposed by Inquiry
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Hulk Hogan absolutely tore it up at the RNC.
Paris is being "cleansed" of migrants and homeless people ahead of the Olympics.
Lamine Yamal arriving at his school after winning the Euros
Campaigners Urge UK Government to Block Shein's London IPO
UK Labour Government's Legislative Agenda
UK Labour Government to Regulate Powerful AI Models
Record Heat Temperatures in Ukraine Amid Power Crisis
UK Government Plans to Remove 92 Hereditary Peers from House of Lords
×