Rishi Sunak’s tax details have been released following months of political pressure, showing that he paid £432,493 in tax in 2021/22.
Much of the tax was paid on his capital gains earnings, which were more than £1.6m in that tax year.
The prime minister paid £325,826 in capital gains tax and £120,604 in UK income tax on income of £329,561.
The submission shows that Mr Sunak made £1.9m in the last tax year, with £172,415 coming in dividends and £1.6m in the capital gains.
There was speculation that Mr Sunak’s tax return could be controversial given that it was scheduled to be released at 4pm while the privileges committee investigation into whether Boris Johnson misled MPs over partygate was in full swing.
Mr Sunak came under pressure to publish his tax return after his financial affairs came under the spotlight during his failed leadership campaign against Liz Truss.
He first promised to release his tax return in November 2022.
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It was revealed that his wife, Akshata Murthy, had claimed non-dom status – allowing her to avoid UK tax on her vast foreign income, derived from her father’s Indian firm, Infosys.
Following a significant backlash, Murthy then renounced her non-dom status and said she would pay UK tax on all her worldwide wealth to stop the issue from acting as a “distraction for her husband”.
There has also been the separate controversy overrNadhim Zahawi, who was sacked as Tory Party chairman in January after he failed to disclose millions of pounds in tax.
Rishi Sunak first promised to release his tax return in November 2022.
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An ethics inquiry ordered by Mr Sunak found Mr Zahawi guilty of a “serious breach” of the ministerial code.
The MP for Stratford-upon-Avon said his actions were “careless” and not “deliberate”.
Mr Zahawi is believed to have paid a penalty as part of an estimated £4.8m settlement dispute with HMRC.
Following the publication of Mr Sunak’s tax details, Dan Neidle, the founder of Tax Policy Associates, tweeted that the prime minister’s submission was “not a tax return”.
