FinTech Titan Pockets £682m Payday, Becomes UK's Top Taxpayer

Alex Gerko, the Russian-born mathematician and founder of the high-tech trading firm XTX Markets, has received a record-breaking £682 million payout, making him Britain's highest individual taxpayer. This colossal sum comes after a surge in profits at his London-based firm, which saw a total of £1.28 billion distributed among its 31 partners last year.

Gerko, 46, has amassed a personal fortune of £12 billion, placing him among the UK's wealthiest individuals. He is widely recognized as the single largest individual taxpayer in the UK, contributing an estimated £665 million in 2023 alone. Dubbed the "king of the geeks," his firm utilizes sophisticated algorithms and computer science expertise to gain a lucrative edge in the financial markets, trading billions of dollars every hour. XTX Markets leverages cutting-edge Nvidia chips in a supercomputer located in Iceland to predict market movements with remarkable precision, enabling it to process approximately $250 billion in daily transactions and outcompete rivals.

Philanthropy and Public Discourse: Gerko's Ethical Endeavours-Since founding XTX Markets in 2015 after a career at Deutsche Bank, Gerko has used his considerable wealth to support a range of philanthropic causes. He owns 75% of the company and has actively funded a series of initiatives, including new mathematics schools aimed at improving British education standards. He also supports conservation efforts and the London Symphony Orchestra.

Gerko, who renounced his Russian citizenship in 2022 following the invasion of Ukraine, has also contributed tens of millions to Ukrainian charities. His investments extend to leading artificial intelligence firms like Silicon Valley's Anthropic and the UK's own driverless car start-up, Wayve.

Known for his outspoken opinions, Gerko frequently uses social media platforms like LinkedIn to voice his views. He has publicly criticized Britain's online safety laws and the BBC's coverage of the war in Gaza, asserting that the UK is heading towards a level of free speech comparable to Russia's. He has also expressed support for a wealth tax, stating he is "very happy to pay a ton of taxes."

Ongoing Legal Battles Over Taxation-Despite his self-proclaimed willingness to pay taxes, Gerko is currently embroiled in a legal case with HMRC. The dispute, which is heading to the Supreme Court, revolves around how payments to partners at his former hedge fund, GSA Capital, were taxed between 2010 and 2015. HMRC argues the payouts should have been taxed at income tax rates rather than corporation tax levels, a position Gerko labels as "massive double taxation." He maintains that the amounts involved are insignificant compared to the billions he has already paid and been happy to pay in taxes over the years.