One of the UK’s largest taxpayers, billionaire quant trader Alex Gerko lost a legal dispute with British authorities over the tax treatment of a deferred payment plan. Appeal judges ruled that Gerko and other traders, while they were still running high-frequency trading strategies at GSA Capital Partners between 2010 and 2015, should pay income tax on their share of the trading profits from the fund. The total size of the tax bill is some £22.5 million ($29.1 million).
Gerko said he’d chosen to challenge HM Revenue & Customs because the case results in what he called “massive double taxation.” He said he was looking at ways to continue the litigation.
