Saturday 26 May 2018

David Cameron releases personal finance record amid offshore fund storm

Photo: Christopher Furlong/Reuters.
Photo: Christopher Furlong/Reuters.

David Hughes

David Cameron had a taxable income of more than £200,000 (€248,000) in 2014-15 and paid almost £76,000 (€94,200) in tax, an unprecedented release of his personal finance details show.

The figures show that, on top of his income as Prime Minister, his 50% share of the rental income on the Camerons' family home in London amounted to £46,899(€58,135), he received £9,834 (€12,190) in taxable expenses from the Tory party and £3,052 (€3,783) in interest on savings in a high street bank.

The figures reveal that when he first entered Downing Street in 2010 he took advantage of a £20,000 (€24,791) tax-free allowance as part of his £142,500 (€142,500)salary.

The information, first promised in 2012 but released following the furore about Mr Cameron's shares in an offshore fund set up by his father Ian, shows that Mr Cameron earned enough to benefit from the cut in the top rate of tax from 50p to 45p.

The cut, announced in 2012 for people earning more than £150,000 (€185,938), came into effect in April 2013.

Mr Cameron said he was publishing the information to be "completely open and transparent" about his financial affairs.

The disclosure came after he admitted botching the handling of the row over his finances, telling Tory activists it had "not been a great week".

Speaking at the Conservative Party's spring forum in central London, he said: "It has not been a great week. I know that I should have handled this better, I could have handled this better.

"I know there are lessons to learn and I will learn them.

"Don't blame Number 10 Downing Street or nameless advisers, blame me."

Labour leader Jeremy Corbyn said he would publish his own tax return "very, very soon" and insisted there were "no surprises there" as he demanded action to crack down on tax havens.

Labour seized on the gift from Mr Cameron's mother, which may mean avoiding inheritance tax on the £200,000.

A Labour Party spokesman said: "The week started with a moral crisis at the heart of the Tory party and has now ended with a scandal at the very top of Government.

"The Prime Minister has been forced to admit that not only had he benefited from a company that paid no tax in 30 years, but that he may also have paid hardly any tax on benefits potentially gained from the same company.

"David Cameron can't hide any more, he needs to come to Parliament on Monday and put the record straight."

Press Association

Today's news headlines, directly to your inbox every morning.

Editors Choice

Also in World News