Billionaire Trader Alex Gerko Loses Tax Dispute with HMRC
Alex Gerko, a UK-based trading billionaire and one of Britain’s largest taxpayers, lost his Supreme Court case against HMRC over the tax treatment of profits from his currency-trading fund HFFX. The court ruled that income tax at 45% should apply to the fund's earnings instead of corporate tax rates (19-25%), resulting in a £22.5 million bill for traders involved.
Topics: corporate tax HMRC income tax Supreme Court