George Osborne publishes tax return as Cameron faces Parliaments
British Prime Minister, David Cameron, has defended the right of Britons to “make money lawfully” as he faced members of parliament for the first time since the row over his family’s tax affairs.
He defended his father’s offshore investment fund, saying a distinction must be drawn between proper enterprise and “artificially reducing tax”.
British Conservative Party politician and Chancellor of the Exchequer, also a member of parliament (MP) for Tatton, George Osborne, has published details of his own tax arrangements.
It showed the chancellor paid £72,210 in tax in 2014-5 on a total taxable income of £198,738.
The release came after Downing Street said “potential prime ministers” and chancellors should be expected to publish their tax returns in future.
It has emerged Labour leader, Jeremy Corbyn, has had to ask Revenue and Customs for a copy of his tax return amid reports he did not keep a copy of the most recent tax statement he submitted to the authorities.
In a Commons statement, Mr. Cameron addressed what he said were “deeply hurtful and profoundly untrue” allegations about his late father’s offshore investment fund, in which the prime minister owned shares. which he sold for a profit in 2010 after paying tax.
He said that a number of public sector organisations, including trade unions and the BBC, had similar investment arrangements which were a “standard practice and not designed to avoid tax”.
A summary of Mr. Cameron’s tax returns for 2009 to 2015 released on Sunday show he received two payments totalling £200,000 from his mother Mary in 2011, a year after he inherited £300,000 from his father.