This year’s Times tax list was headed by billionaire and former F1 boss Bernie Ecclestone, who was born in Moscow, though not for the same reasons.
The founder of algorithmic trading company XTX Markets, Alex Gerko, gave £664.5 million to the HM Treasury in the previous year. He reportedly stated that he would be “happy to pay a tonne of taxes.”
With a contribution of £664.5 million, Gerko has made the largest contribution to the Tax List ever. That amount equates to over £1.8 million in taxes per day or £75,000 per hour. After giving up his Russian citizenship, Gerko almost doubled his wealth in a single year.
After paying more than £487 million in taxes in 2022, he topped the list of highest taxpayers in the UK for the second time.
The F1 tycoon Ecclestone, who was convicted of fraud, came in second place despite having paid the Treasury £652.6 million the previous year.
This occurred after the Crown Prosecution Service accused him of fraud in 2022 after he neglected to disclose more than £400 million in assets.
Although his trial was scheduled for November of last year, he admitted to fraud in October. He also accepted a payment of over £650 million and received a sentence of 17 months in prison with a two-year suspension.
The JD Wetherspoon founder, Sir Tim Martin, paid £167.1 million in taxes last year, an increase from the £123.2 million reported the year before.
In the New Year’s honors list, Martin, whose company currently operates 816 pubs across the nation, received a knighthood. According to the Times list, Sir James Dyson and his family contributed £156 million last year, up from £93 million throughout 2022.
As part of its £2.75 billion five-year investment plan, Dyson is reportedly investing £100 million in a new technology center in the UK, a new location in the Philippines, and a factory in Singapore.
The Frasers Group tycoon, Mike Ashley (formerly of Sports Direct), who owns House of Fraser, Game, Jack Wills, and now MatchesFashion, gave the Treasury £139.4 million in revenue last year.
Just a year after purchasing the online retailer, his group sold the Missguided brand and its intellectual property to Shein, a massive fast-fashion chain in China, in October of last year.
Denise Coates, the chief and co-founder of the massive gambling company Bet365, and her brothers John and Peter Coates paid £375.9 million in taxes last year, down from the £460.2 million they paid over 2022.
Despite a sharp increase in revenue, the betting company lost £69 million in the year ending March 2023, according to its most recent Companies House filing. This was after it expanded into the US and China.
Coates was one of the highest-paid executives in the nation, taking home £220 million for the year despite the setback. Despite a drop in income in the months leading up to the pandemic, Coates also gave herself at least £421 million in the year ending in March 2020.
The Times also reported that, as a result of political pressure, Prime Minister Akshata Murty’s wife, who was a co-founder of the Indian IT company Infosys, now pays UK tax on her dividends.
Although the paper estimated that she owes roughly £4.8 million in taxes, the amount was insufficient to support her listing.
According to The Times, the 100 people and families on the list paid £5.353 billion in taxes, which is 3% more than they did a year ago.
Conclusion
- Alex Gerko, founder of XTX Markets, contributed £664.5 million to the HM Treasury in 2022, making the largest contribution ever.
- Ecclestone, convicted of fraud, came second despite paying £652.6 million the previous year.
- Sir Tim Martin, founder of JD Wetherspoon, paid £167.1 million in taxes, an increase from the previous year’s £123.2 million.
- Sir James Dyson and his family contributed £156 million, up from £93 million in 2022.
- Mike Ashley, former of Sports Direct, gave the Treasury £139.4 million in revenue last year.
- Denise Coates, chief and co-founder of Bet365, paid £375.9 million in taxes last year, down from £460.2 million in 2022.
- Despite a sharp increase in revenue, Bet365 lost £69 million in the year ending March 2023.
- Prime Minister Akshata Murty’s wife, a co-founder of Indian IT company Infosys, now pays UK tax on her dividends.
- The 100 people and families on the list paid £5.353 billion in taxes, 3% more than a year ago.
