UK finance minister publishes tax details

George Osborne released details of his 2014/15 tax return after days of controversy around Prime Minister David Cameron’s finances

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Britain’s finance minister and the head of the Labour opposition on 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 (247,900 euros/$283,500) 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.

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.

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.

The prime minister on Monday addressed the House of Commons for the first time since the scandal broke.

While 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.

“We should think carefully before abandoning the taxpayer confidentiality in this House,” he added.

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