Billionaire Gerko Takes Trader Profit Tax Appeal Over to UK's Top Court
Billionaire Alex Gerko, one of the UK's largest taxpayers, took a legal challenge to the country's highest court arguing that British tax authorities were seeking to impose 'massive double taxation' on deferred trading profits.
The XTX Markets Ltd. founder is at the UK Supreme Court this week over the tax treatment of a deferred payment plan while he was still running high-frequency trading strategies at GSA Capital Partners between 2010 and 2015. Judges ruled last year that Gerko and other traders should pay income tax on their share of the trading profits from the fund. The total size of the tax bill is some £22.5 million ($30.5 million).
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