• Home
  • News
  • Entertainment
  • LAD Originals

To make sure you never miss out on your favourite NEW stories, we're happy to send you some reminders

Click 'OK' then 'Allow' to enable notifications

Not now
OK
Advert
Advert
Advert

Man who pays the most tax in Britain has been revealed and it's an eye-watering amount

Katherine Sidnell

Published 
| Last updated 

Man who pays the most tax in Britain has been revealed and it's an eye-watering amount

A Russian-born businessman has been named Britain’s biggest taxpayer, with an eye-watering estimated bill.

The billionaire beat over 100 others for the title - including author J K Rowling and Gymshark chief executive Ben Francis.

It isn't the billionaire's first time on the list either, with the reclusive entrepreneur coming in first place for a second year in a row.

Alexander Gerko (pictured left) has topped the list of the UK biggest tax payers. Credit: Twitter
Alexander Gerko (pictured left) has topped the list of the UK biggest tax payers. Credit: Twitter
Advert


The man in question - Alexander Gerko, who became a British citizen in 2016 - topped the 2023 list thanks to his robot trading firm XTX Markets which has helped him gain a $5 billion fortune.

The 43-year-old business mogul forked out a staggering £487.4 million.

“This was a man who could have been one of Russia’s greatest wealth creators — instead he is creating jobs and paying his tax here,” said Robert Watts, who compiled the list.

Advert

“Enticing the super-rich to London doesn’t always pay dividends for the public finances. In his case it certainly has,” he added.

Gerko’s life story has been dubbed ‘extraordinary’ by the journalist, with the Russian entrepreneur leaving his homeland to pursue a career in finance after graduating with a maths degree from the prestigious Moscow State University.

His story is even more incredible given that the 100 individuals on the Sunday Times list have all paid £107 million in tax, with the top 10 payers handing over an estimated £2.3 billion to the taxman.

Despite his huge fortune, the businessman has also remained generous, filling the XTX Markets office with arcade games and a copy of the Apollo 11 capsule for staff to use.

Advert
Gymshark founder Ben Francis also made the top 100 list of UK taxpayers. Credit: Andrew Fox / Alamy Stock Photo
Gymshark founder Ben Francis also made the top 100 list of UK taxpayers. Credit: Andrew Fox / Alamy Stock Photo

Gerko has also been highly critical of Russia, with the businessman renouncing his citizenship at the end of 2022 in light of Putin’s invasion of Ukraine.

In a statement made last year, XTX announced that it ‘fully support(s) the Ukrainian people’.

Gerko later committed over £1 million to fund a new maths research centre, which will be built in Kyiv or Lviv.

Advert

He told press: "The International Centre for Mathematics will help Ukrainian researchers to collaborate with the rest of the world and share the country's outstanding tradition in mathematics… We look forward to the Centre opening its doors soon, in a free and peaceful Ukraine."

Spoons founder Tim Martin came under fire after withholding staff wages during the pandemic. Credit: Russell Hart / Alamy Stock Photo
Spoons founder Tim Martin came under fire after withholding staff wages during the pandemic. Credit: Russell Hart / Alamy Stock Photo

Also among the big players on the list are Wetherspoon founder Tim Martin, who forked out an estimated £123.2 million and Tax List regular JK Rowling, who contributed £15 million.

Here are the top ten taxpayers in the UK:

Advert
  1. Russian-born trader Alex Gerko paid £487.4 million
  2. The Coates family, who own gambling site Bet365, paid £460.2 million
  3. Berghaus owner Stephen Rubin paid £392.3 million
  4. Hedge-fund investor Sir Chris Hohn paid £263 million
  5. The Done family, who own BetFred, paid £136.8 million
  6. Sports Direct and Jack Wills tycoon Mike Ashley paid £133.5 million
  7. Wetherspoon founder Tim Martin paid £123.2 million
  8. The Boparan family, who own Giraffe and Gourmet Burger Kitchen, paid £120.7 million
  9. Home Bargains and richest ever Liverpudlian Tom Morris paid £112.2 million
  10. Luxury hoteliers Ian and Richard Livingston paid £104 million

Featured Image Credit: LinkedIn / Kevin Britland / Alamy

Topics: Technology, Politics, UK News, Russia, Money

Katherine Sidnell
More like this
Advert
Advert
Advert

Chosen for YouChosen for You

News

Millions to receive £300 cost-of-living payment to their bank account this month

an hour ago

Most Read StoriesMost Read

Dad flew to Ibiza for £25 for night out with just 'a change of clothes in an Asda bag'

20 hours ago