18/06/2026
Tax ruling shakes up profit distribution
The UK Supreme Court has unanimously ruled that billionaire trader Alex Gerko must pay an additional £22.5m in income tax. Gerko, the founder of XTX Markets and one of Britain’s highest taxpayers, argued that HMRC’s taxation on deferred trading profits from his HFFX partnership amounted to unfair double taxation. The five judge panel rejected his argument, concluding a legal battle that began in 2022. Although the court also dismissed a counter appeal by HMRC for further payments, the ruling is expected to have wider implications for the financial sector.