The annual Tax List, published by The Times newspaper, highlights the top 100 taxpayers in the UK. In 2023, these individuals collectively contributed a staggering £5.35 billion (€6.27 billion/$6.81 billion) in taxes.
Notably, this year saw some noteworthy changes among the leading taxpayers.
The Coates family, consisting of Denise, John, and Peter Coates, who serve as co-chief executives and chairman of Bet365, paid a substantial £375.9 million in taxes.
While this remains a significant contribution, it marked a decrease from the £460.2 million they paid in the previous year’s list.
Denise Coates, widely recognized as the richest self-made woman in the UK, founded Bet365 from a humble car park in Stoke-on-Trent. In 2023, she also awarded herself a considerable sum of £220.0 million.
In the world of betting, Betfred’s founders, Fred and Peter Done, paid £204.6 million in taxes, a notable increase from the £136.8 million they contributed in 2023.
This propelled them to fourth place on the list, although they still trailed the Coates family by a considerable margin.
Fred and Peter Done, the sons of an illegal bookmaker, transformed their father’s business into the legitimate and successful entity known as Betfred in 1967.
For the second consecutive year, Alex Gerko, the founder of XTX Markets, secured the top spot on The Times’ Tax List. Gerko’s total tax payment amounted to a remarkable £664.5 million, a significant increase from the £487.4 million he paid in the previous year.
This increase in tax payment paralleled a remarkable surge in his net worth over the past year.
Notably, Formula 1 magnate Bernie Ecclestone occupied the second position with a tax payment of £652.6 million.
However, this figure did not accurately reflect his financial activities in 2023. Ecclestone had to pay £650.0 million in tax and penalties to HMRC to avoid incarceration due to his failure to declare over £400.0 million held in a Singapore trust when questioned by authorities in 2015.
Rounding out the top 10 taxpayers were prominent figures like Sir Tim Martin, founder of pub chain Wetherspoons; Sir James Dyson, founder of Dyson; and the Weston family, associated with Primark and Fortnum and Mason.
Despite some fluctuations in their tax payments, these individuals demonstrated their significant contributions to the UK’s fiscal landscape.
In the midst of these high-profile taxpayers, Bet365’s appearance on the list came as a surprise, considering the company reported a £61.2 million loss for the 2022-23 financial year.
This loss was attributed to rising costs across the business, despite an 18.9% increase in sports betting and gaming revenue, totaling £3.39 billion.
Betfred, on the other hand, has yet to report results for 2022-23 but showed significant profit and growth in the previous financial year.
With the gambling industry experiencing both challenges and successes, these top taxpayers continue to play a pivotal role in the UK’s fiscal landscape.