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Cameron releases information on tax returns amid row David Cameron's mother gave PM £200,000 gift
(35 minutes later)
David Cameron paid almost £76,000 in tax on an income of more than £200,000 in 2014-15, his accounts show. David Cameron's mother gave him a £200,000 gift after his father's death which could potentially avoid inheritance tax, his accounts show.
In a first for a UK prime minister, Mr Cameron released a summary of his tax returns over the past six years as he tried to defuse a row over his financial affairs. In a first for a UK prime minister, Mr Cameron has released a summary of his tax returns from 2009-15 as he tries to defuse a row over personal finances.
Papers show he was gifted two lots of £100,000 by his mother a year after inheriting £300,000 from his father. The two £100,000 payments were made a year after the PM inherited £300,000 from his father in 2010, papers show.
When Ian Cameron died in 2010, the inheritance tax threshold was £325,000. Labour leader Jeremy Corbyn said Mr Cameron had more questions to answer.
The prime minster said he was publishing the information to be "completely open and transparent". There was "possibly" a case for looking at inheritance tax rules, added Mr Corbyn, who has committed to publishing his own tax return "very, very soon".
On Saturday, he admitted he could have better handled the row over his financial affairs, telling people to "blame me" for this rather than nameless advisors at Downing Street. The prime minster said he was publishing the earnings information to be "completely open and transparent".
In the six years from 2009 to 2015, Mr Cameron earned a total of almost £1.1m and paid about £400,000 in income tax, according to the three-page summary. PM sets up anti-tax dodging task force
Part of his earnings came from rental income from his family home in west London. Last year, Mr Cameron's 50% share of rent, minus expenses, was close to £47,000. On Saturday, he admitted he could have better handled the row over his financial affairs, telling people to "blame me" for this rather than nameless Downing Street advisors.
Over six years, Mr Cameron earned a total of almost £1.1m and paid about £400,000 in income tax, according to the three-page summary.
Last year, he paid almost £76,000 in tax on an income of more than £200,000. Those earnings included almost £47,000 from a share of rent paid on his family home in west London.
Gifts to childrenGifts to children
The payments by Mary Cameron to her son in May and July 2011 were given tax free, and will only become liable to inheritance tax of up to 40% if she dies within seven years of handing over the money.The payments by Mary Cameron to her son in May and July 2011 were given tax free, and will only become liable to inheritance tax of up to 40% if she dies within seven years of handing over the money.
Downing Street said the payments were an attempt to "balance" the sums received by all their children.
Solicitor Robert Levy, who specialises in tax affairs, told the BBC there was nothing in the papers that made him "raise his eyebrows".Solicitor Robert Levy, who specialises in tax affairs, told the BBC there was nothing in the papers that made him "raise his eyebrows".
On the matter of the two £100,000 gifts, Mr Levy said: "It's not unusual for parents to make gifts to children. It's just the figures here are larger than they might otherwise be."On the matter of the two £100,000 gifts, Mr Levy said: "It's not unusual for parents to make gifts to children. It's just the figures here are larger than they might otherwise be."
Mr Cameron's £300,000 inheritance from his father had been just below the inheritance tax threshold so people "put two and two together and often make five", he said. Mr Cameron's £300,000 inheritance from his father had been just below the inheritance tax threshold ((£325,000) so people "put two and two together and often make five", he said.
It was hard to know if they were in any way connected without more information, he added, "but it didn't look to me that it was something that looked wrong."It was hard to know if they were in any way connected without more information, he added, "but it didn't look to me that it was something that looked wrong."
Labour leader Jeremy Corbyn said the matter highlighted "a whole ethos" surrounding how the very wealthy handled their tax affairs, adding he would publish his own tax return "very, very soon".
This all comes after a week of questions and successive statements over whether Mr Cameron had owned and sold units in an offshore fund run by his late father, Ian Cameron.This all comes after a week of questions and successive statements over whether Mr Cameron had owned and sold units in an offshore fund run by his late father, Ian Cameron.
Details of the Blairmore Holdings fund had been contained in a leak of 11 million documents, known as the Panama Papers.Details of the Blairmore Holdings fund had been contained in a leak of 11 million documents, known as the Panama Papers.
Mr Cameron has announced a new task force to investigate tax-dodging allegations in the Panama Papers.Mr Cameron has announced a new task force to investigate tax-dodging allegations in the Panama Papers.
The figures released by the prime minister show: The figures released by the prime minister also show:
AnalysisAnalysis
By BBC political correspondent Iain WatsonBy BBC political correspondent Iain Watson
Outside the Conservative spring conference on Saturday protesters called on the prime minister to come clean about his financial affairs. Now he hopes he has provided the proof that he has done just that.Outside the Conservative spring conference on Saturday protesters called on the prime minister to come clean about his financial affairs. Now he hopes he has provided the proof that he has done just that.
David Cameron has produced a summary of his tax affairs, not the full returns. Downing Street says that is to aid clarity and is similar to information other politicians have put in the public domain.David Cameron has produced a summary of his tax affairs, not the full returns. Downing Street says that is to aid clarity and is similar to information other politicians have put in the public domain.
None of the details suggests he didn't pay what was due. There is, however, further proof of his wealth - something which his opponents will hope is a political liability.None of the details suggests he didn't pay what was due. There is, however, further proof of his wealth - something which his opponents will hope is a political liability.
And there will be questions over whether income from share dividends which he derived while opposition leader came from other overseas trusts as well as from his late father's investment vehicle.And there will be questions over whether income from share dividends which he derived while opposition leader came from other overseas trusts as well as from his late father's investment vehicle.
But while Labour will argue that the prime minister is still too opaque when it comes to transparency, some Conservative politicians worry he has revealed too much.But while Labour will argue that the prime minister is still too opaque when it comes to transparency, some Conservative politicians worry he has revealed too much.
There may be pressure on other cabinet ministers including the chancellor to go public. And some fear if tax no longer remains a private matter, successful people could be dissuaded from going in to politics.There may be pressure on other cabinet ministers including the chancellor to go public. And some fear if tax no longer remains a private matter, successful people could be dissuaded from going in to politics.
Addressing the Tories' spring forum on Saturday, Mr Cameron had said he was to blame for the handling of revelations about his investment in the Bahamas-based Blairmore Holdings fund.Addressing the Tories' spring forum on Saturday, Mr Cameron had said he was to blame for the handling of revelations about his investment in the Bahamas-based Blairmore Holdings fund.
"It has not been a great week. I know that I should have handled this better. I know there are lessons to learn and I will learn them," he said."It has not been a great week. I know that I should have handled this better. I know there are lessons to learn and I will learn them," he said.
As he was speaking, hundreds of protesters marched through Whitehall calling on Mr Cameron to "close tax loopholes or resign".As he was speaking, hundreds of protesters marched through Whitehall calling on Mr Cameron to "close tax loopholes or resign".
FuroreFurore
The fund was named in the leak of documents belonging to Panamanian law firm Mossack Fonseca. They revealed Ian Cameron had been a client of Mossack Fonseca when establishing the fund for investors.The fund was named in the leak of documents belonging to Panamanian law firm Mossack Fonseca. They revealed Ian Cameron had been a client of Mossack Fonseca when establishing the fund for investors.
The prime minister first promised his tax return data in 2012 but details for the past seven years have now been made public in the wake of the furore over the documents. The prime minister first promised his tax return data in 2012 but details for the past six years have now been made public in the wake of the furore over the documents.
BBC political correspondent Carole Walker said the decision to publish the tax returns summary would keep the prime minister's finances in the headlines.BBC political correspondent Carole Walker said the decision to publish the tax returns summary would keep the prime minister's finances in the headlines.
But Downing Street felt the only way to move forward was by confronting the issue head on with an unprecedented level of detail, our correspondent said, adding however that Labour was in no mood to let the row drop.But Downing Street felt the only way to move forward was by confronting the issue head on with an unprecedented level of detail, our correspondent said, adding however that Labour was in no mood to let the row drop.
Labour leader Jeremy Corbyn has committed to publishing his own tax return "very, very soon, when I've got the papers together", insisting there were "no surprises there". 'Tip of iceberg'
He accused Mr Cameron of misleading people and losing public trust, saying: "It's not about an individual, it's not about one person, it's not about one family. Labour leader Jeremy Corbyn said Mr Cameron was "not finished yet" and still had questions to answer about his finances.
"It's about a whole ethos where the very rich are able to put their money into tax havens, into offshore accounts where there is often a zero rate of income tax, also sometimes a zero rather of corporation tax." The prime minister needed to explain "what benefit he or his trust received before 2010", as well as "why the money was put in an overseas tax haven in the first place", Mr Corbyn told the BBC's Andrew Marr show.
"We need to know what he's actually returned as a tax return. We need to know why he put this money overseas in the first place, and whether he made anything out of it or not before 2010 when he became prime minister. These are questions that he must answer."
The Labour leader said he believed the tax evasion and avoidance revealed in the Panama Papers was "the tip of a very large iceberg".
He said Britain needed to be "much more assertive" on the question of overseas arrangements in the UK's dependent territories and asked why Britain was "encouraging" tax havens.
Shadow chancellor John McDonnell has demanded an "open and public" inquiry into the Panama Papers revelations on offshore funds and tax havens.Shadow chancellor John McDonnell has demanded an "open and public" inquiry into the Panama Papers revelations on offshore funds and tax havens.
London rentLondon rent
Mr Cameron's tax schedule from RNS Chartered Accountants also showed:Mr Cameron's tax schedule from RNS Chartered Accountants also showed:
The prime minister's salary was steady at £142,500 from 2010 to 2015, but there were tax variations due to treatment of his pension contributions and the different approaches to his £20,000 tax-free allowance.The prime minister's salary was steady at £142,500 from 2010 to 2015, but there were tax variations due to treatment of his pension contributions and the different approaches to his £20,000 tax-free allowance.
In terms of rent earned on the Notting Hill house, Mr Cameron's 50% share, minus expenses, was £45,041 in 2011-12, £46,700 in 2012-13, £47,764 in 2013-14 and £46,899 last year.In terms of rent earned on the Notting Hill house, Mr Cameron's 50% share, minus expenses, was £45,041 in 2011-12, £46,700 in 2012-13, £47,764 in 2013-14 and £46,899 last year.
The new tax task force announced by Mr Cameron will have initial funding of £10m and involve staff from the Serious Fraud Office and Financial Conduct Authority as well as HMRC and the NCA.The new tax task force announced by Mr Cameron will have initial funding of £10m and involve staff from the Serious Fraud Office and Financial Conduct Authority as well as HMRC and the NCA.
The government said the agencies had leading technology, experts and resources to tackle money laundering and tax evasion.The government said the agencies had leading technology, experts and resources to tackle money laundering and tax evasion.
Shadow chancellor John McDonnell said proposals for the task force to report to the chancellor and home secretary were "unacceptable".Shadow chancellor John McDonnell said proposals for the task force to report to the chancellor and home secretary were "unacceptable".
"Any inquiry must be fully independent and in public," he said."Any inquiry must be fully independent and in public," he said.