Prime Minister Cameron has already published a summary of his finances for the past six years, revealing his salary, expenses, rental income from a house.
Britain’s finance minister and the head of the Labour opposition Monday released details of their last tax returns after days of controversy following the publication of the so-called Panama Papers.
The release showed finance minister George Osborne had a total taxable income of £198,738 (Ksh28m) during the 2014/15 financial year.
This included £44,647 in the form of dividends from a wallpaper and fabrics company founded by his father and £33,562 in rental income.
Mr Osborne paid income tax of £72,210 for the year. The release stated he had “no offshore interests in shares or anything else”.
Labour leader Jeremy Corbyn’s tax return showed that he had an additional income of just £1,850 for the year — most of it payment for giving a lecture — beyond his parliamentary salary.
Mr Cameron was forced to publish his tax returns over the weekend after admitting he had held shares in his late father’s investment fund based in the Bahamas, which he sold before becoming prime minister in 2010.
INHERITANCE TAX
The prime minister Monday addressed the House of Commons for the first time since the scandal broke.
While Mr Cameron said prime ministers, finance ministers and their opposition shadows should in future declare details of their tax returns, he thought all MPs should not have to do so.
In a first for a British prime minister, Cameron on Sunday published a summary of his finances for the past six years, revealing his salary, expenses, rental income from a house he owns in London and savings.
He also revealed that he received a £200,000 ($280,000, 240,000 euros) gift from his mother, on top of £300,000 received in his father’s will, raising questions over whether the gift was intended to avoid inheritance tax.
Mr Cameron and his wife Samantha had previously owned shares in Ian Cameron’s investment fund Blairmore, which was named in the leak of documents by Panamanian law firm Mossack Fonseca — the so-called Panama Papers — and which they sold for £31,500.
Labour leader Jeremy Corbyn said: “We need to know why he put this money overseas in the first place.”
“What Panama has shown, more than anything, is that there is one rule for the rich and one rule for the rest,” he said.
Scotland’s first minister, Scottish National Party (SNP) leader Nicola Sturgeon, also published her tax details, putting pressure on Cameron’s ministers, in particular finance minister George Osborne, to do the same.
“It’s the UK cabinet that sets the framework of legislation, that discusses what UK policy is and we have heard absolutely nothing about other members of the cabinet,” said SNP lawmaker Angus Robertson.
A source in Osborne’s department said he had “never had any offshore shareholdings or other interests”.
Currently lawmakers only have to declare shareholdings over £70,000, but junior defence minister Penny Mordaunt said all politicians may be forced into greater transparency “if that is what the electorate require”.
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