The tax returns show that Mr Cameron received two separate payments of £100,000 in 2011 from his mother, on which no inheritance tax will be due if she survives at least seven years from the time of the gift.
Advertisement
LONDON (AP) – British Prime Minister David Cameron will face lawmakers’ questions about his tax affairs Monday – and try to restore his government’s shaken reputation for competence – after days of damaging headlines about his links to an offshore wealth fund.
The records appear to show that in the most recent tax year, Cameron paid $108,000 on taxable income of about $285,160.
Still, the records released do not clarify whether Cameron profited from other tax-avoidance vehicles before 2010. He also took advantage of a tax reduction worth £20,000 set up specifically for the prime minister in 1947.
Just in the past year alone he earned an income of £200,000 paying an income tax of around £76000, this income included the £47,000 he had received for sale of his share in his family home situated in West London.
The measure should be written into law this year, according to a press release from his Downing Street office.
Corbyn has demanded that Cameron release his tax information dating to 2005, when he became the Conservative Party leader.
“We’ll only be convincing on the worldwide stage if we are, first of all, fully compliant in the European Union and for me, that includes Britain exerting influence over its overseas territories – we need to make that clear to the Brits in the upcoming talks”, senior conservative politician Ralph Brinkhaus told German newspaper Welt am Sonntag.
The Chancellor has so far refused to answer questions about any past offshore investments; he has a stake in his family’s posh wallpaper firm, whose tax affairs may also now come into question.
The issue is set to dominate proceedings when the British Parliament reopens after a 17-day Easter break on Monday. “This is an entirely standard practice and it is not to avoid tax”, he said. The 11.5 million documents leaked from the Panamanian law firm Mossack Fonseca detail the creation of more than 200,000 companies in offshore tax havens.
The prime minister and his wife also owned shares his father’s fund, which they sold for pound sterling31,500.
“It has not been a great week”. I know that I should have handled this better, I could have handled this better.
Protesters gather. Hundreds of protesters earlier stood outside the Prime Minister’s residence tcalling for Mr Cameron’s resignation.
He announced the establishment of a government task force, made up of Revenue and Customs, the Financial Conduct Authority and other bodies, to look into the Panama Papers documents.
Advertisement
The taskforce will investigate the leaked files to identify clients of the Panama firm suspected of money laundering and tax evasion, and will have a £10-million budget.
