UK Supreme Court orders BlueCrest to pay £200m tax bill

The UK Supreme Court has unanimously ruled against billionaire Michael Platt's hedge fund, BlueCrest Capital Management, in a major tax dispute, leaving the firm facing a bill of nearly 200 million pounds. The court found that payments to most of the firm's partners between 2014 and 2019 constituted "disguised salary" and should be taxed as employment income, not partnership profits.

The ruling, delivered on Wednesday, July 1, 2026, ends a legal battle that began in 2022. The case centered on the interpretation of "salaried member" rules, legislation introduced in 2014 to prevent employees from being classified as self-employed partners to avoid higher taxes. Her Majesty's Revenue and Customs (HMRC) argued that approximately 80 to 100 members of the BlueCrest limited liability partnership (LLP) should be treated as employees for income tax and National Insurance Contributions (NICs). The tax authority sought about 142 million pounds in income tax and over 55 million pounds in NICs for the five tax years in question.

The Supreme Court agreed with HMRC's position, concluding that while the members had significant responsibility for investment decisions, they exercised minimal...