Billionaire Gerko Loses Tax Battle at UK’s Supreme Court (2)

Billionaire Alex Gerko, one of the UK’s largest taxpayers, lost a legal bid at the country’s top court, after arguing that British tax authorities were seeking to impose “massive double taxation” on deferred trading profits.

Gerko and other traders should pay income tax on their share of the trading profits from a fund he was running while at GSA Capital Partners between 2010 and 2015, a panel of five Supreme Court judges ruled on Wednesday. The total size of the tax bill is some £22.5 million ($30.2 million).

The XTX Markets Ltd. founder took the case to the top ...