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Mr Cameron received two payments of £100,000 from
his mother in 2011 to balance out legacy left between PM and his
siblings.
David Cameron had a taxable income of more than
£200,000 in 2014-15 and paid almost £76,000 in tax, an
unprecedented release of his personal finance details show.
The figures show that, on top of his income as Prime Minister, his 50 per
cent share of the rental income on the Camerons' family home in London
amounted to £46,899, he received £9,834 in taxable expenses
from the Tory party and £3,052 in interest on savings in a high
street bank.
The figures reveal that when he first entered
Downing Street in 2010 he took advantage of a £20,000 tax-free
allowance as part of his £142,500 salary.
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He
also inherited £300,000 when his father died in 2010 and was also
given two payments of £100,000 by his mother in May and July 2011
in an attempt to balance out the legacy left between the Prime Minister
and his siblings.
Mr Cameron's disclosure - a four-page
document compiled by his accountants - raises as many questions as it
answers – could his mother's gift could allow the family estate to
avoid a potential £80,000 worth of inheritance tax, for example?
The information, first promised in 2012 but released following
the furore about Mr Cameron's shares in an offshore fund set up by his
father shows that Mr Cameron earned enough to benefit from the cut in the
top rate of tax from 50p to 45p.
The cut, announced in 2012
for people earning more than £150,000, came into effect in April
2013.
Mr Cameron said he was publishing the information to be
“completely open and transparent” about his financial
affairs.
The disclosure came after he admitted botching the
handling of the row over his finances, telling Tory activists it had
“not been a great week”.
The Prime Minister and
his wife Samantha also made a £19,000 profit from their sale in
2010 of shares in the Blairmore Holdings fund set up by Ian Cameron.
web-samantha-cameron-get.jpg
The Prime Minister and his wife
made £19,000 from the sale of shares in Blairmore Holdings
(Getty)
The £9,501 declared as Mr Cameron's share of the
profit in the schedule released by Downing Street fell below the
threshold for capital gains tax, which stood at £10,100.
The tax return figures show that in 2009-10, while leader of the
opposition, Mr Cameron paid £43,483 income tax on a total taxable
income of £129,225.
In 2010-11, after entering Downing
Street, he paid £56,155 on a taxable income of £157,286 -
benefiting from the little-known £20,000 tax-free “prime
ministerial expenses deduction”.
In 2011-12 his income
rose to £200,919, boosted by his share of the rental income from
the Notting Hill home vacated by the Camerons when they moved into
Downing Street, and he paid £77,987 in tax.
In 2012-13
Mr Cameron paid £72,472 tax on an income of £189,506; in
2013-14 he paid £76,288 on his £200,735 income. Although Mr
Cameron's gross salary as Prime Minister stood at £142,500 between
2010 and 2015, the variations in the taxable amount came through the way
his pension contributions were treated and the different approaches taken
to the £20,000 tax-free allowance.
The Prime Minister
voluntarily cancelled out the allowance by declaring the equivalent
amount as taxable income between 2011-12 and 2013-14 before waiving it
entirely from 2014-15.
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The figures show that the
Camerons receive rent of more than £90,000 a year on the Notting
Hill property.Mr Cameron's 50% share of the net rental income, minus
expenses, was £45,041 in 2011-12, £46,700 in 2012-13,
£47,764 in 2013-14 and £46,899 last year.
Interest from his high street savings accounts amounted to £26 in
2009-10, £87 in 2010-11, £365 in 2011-12 before rising to
£2,701 in 2012-13, £6,681 in 2013-14 and £3,052 in
2014-15.
Mr Cameron's savings benefited from the sale of
£72,000 of shares when he entered No 10, with the gains on some
shares wiped out by losses on others, resulting in a capital loss of
£2,507, and around £40,000 in cash from an account with a
stockbroker.
Labour leader Jeremy Corbyn said he would
publish his own tax return “very, very soon” and insisted
there were “no surprises there” as he demanded action to down
on tax havens.
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