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David Cameron's mother gave PM £200,000 gift David Cameron's mother gave PM £200,000 gift
(about 1 hour later)
David Cameron's mother gave him a £200,000 gift after his father's death which could potentially avoid inheritance tax, 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 has released a summary of his tax returns from 2009-15 as he tries to defuse a row over personal finances. 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 his finances.
The two £100,000 payments were made a year after the PM inherited £300,000 from his father in 2010, papers show.The two £100,000 payments were made a year after the PM inherited £300,000 from his father in 2010, papers show.
Labour leader Jeremy Corbyn said Mr Cameron had more questions to answer. Ministers said he'd done nothing wrong but Labour said questions remained.
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".
The prime minster said he was publishing the earnings information to be "completely open and transparent".
PM sets up anti-tax dodging task force
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.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.
'See the papers'
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.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 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. Downing Street said the payments were an attempt to "balance" the sums received by all Cameron children, as Mr Cameron's brother had inherited the family home.
Solicitor Robert Levy, who specialises in tax affairs, told the BBC there was nothing in the papers that made him "raise his eyebrows". But Labour leader Jeremy Corbyn said Mr Cameron needed to publish his full tax returns dating back to before he became prime minister in 2010, when he sold off shares in his late father's offshore investment fund for a £19,000 profit.
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." "I want to see the papers," Mr Corbyn told the Andrew Marr show.
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."
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.
Mr Cameron has announced a new task force to investigate tax-dodging allegations in the Panama Papers.
The figures released by the prime minister also show:
Analysis
By 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.
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.
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.
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.
"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".
Furore
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 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.
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.
'Tip of iceberg'
Labour leader Jeremy Corbyn said Mr Cameron was "not finished yet" and still had questions to answer about his finances.
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.""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". 'System wrong'
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. Asked about the £200,000 gift from his mother, the Labour leader said there was "possibly" a case for looking at inheritance tax rules.
Shadow chancellor John McDonnell has demanded an "open and public" inquiry into the Panama Papers revelations on offshore funds and tax havens. He said: "It does actually reduce the level of inheritance tax that is available for the Exchequer as a whole".
London rent Shadow chancellor John McDonnell said the prime minister had "effectively inherited £500,000 from his mum and dad and not paid a penny on it," which, he said, showed there was "something wrong with the system".
Mr Corbyn, who has promised to publish his own tax returns "very soon", also suggested Britain needed to be "much more assertive" on the question of overseas arrangements in the UK's overseas territories and asked why Britain was "encouraging" tax havens.
And he said greater openness around tax affairs might be expected from all those in public life, not just MPs, in future, saying: "I think we're moving in that direction".
The SNP are, meanwhile, calling on Mr Cameron to publish a financial statement on all government ministers and whether they have benefited from offshore tax havens.
Energy and climate change secretary Amber Rudd defended the prime minister on the Andrew Marr show, saying the prime minister had "said all there is to be said" about his tax affairs, having taken the "unprecedented step" of publishing details.
'Blame me'
She said Mr Cameron and his family had done nothing wrong and had paid the correct amount of tax due, adding that going after tax havens had been a "key priority" for the government since 2010.
Mr Cameron has also announced a new task force to investigate tax-dodging allegations arising from the leak of 11 million documents from Panamanian law firm Mossack Fonseca, known as the Panama Papers.
The prime minister was dragged into the controversy when it emerged his late father's investment fund, Blairmore, was a client of the firm.
Downing Street issued a series of statements over four days as pressure on Mr Cameron mounted before he finally admitted he had benefited from the fund.
On Saturday, he admitted he could have better handled the row over his financial affairs, telling people to "blame me" for the slow response, not Downing Street officials.
He said he was publishing the information on his income to be "completely open and transparent".
The figures released by the prime minister also show:
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.