Rishi Rich! Sunak reveals he paid more than £432,000 in tax last year

Rishi Rich! Sunak reveals he paid more than £432,000 in tax on income of almost £2million last year despite having a salary as PM of £156,000 as he FINALLY releases his return – in the middle of Boris Johnson’s Partygate grilling by MPs

Rishi Sunak paid more than £432,000 in UK taxes last year according to documents he finally published today – in the middle of Boris Johnson’s Partygate hearing.

The vast bulk of tax paid by the multi-millionaire Prime Minister was capital gains tax on income from his investment fund, the return disclosed.

It shows that on top of his £156,000 salary as PM he has a personal income of almost £2million per year from the blind trust.

In the past three years, the document shows, he has paid £1,053,060 in tax on income of £4,766,962, a rate of 22 per cent.

The PM was first asked to publish his tax returns a year ago, amid the fallout from his wife Akshata Murtry’s non-dom status and his own past use of a US Green Card.

But the timing of the release this afternoon will raise eyebrows. It came more than two-and-a-half hours into Boris Johnson’s appearance at the Privileges Committee, which is investigating him over Partygate.

It also came several hours after Mr Sunak won a key Commons vote that appears to have largely settled Brexit arguments in Westminster.

The vast bulk of tax paid by the multi-millionaire Prime Minister was capital gains tax on income from his investment fund, the return disclosed.

It shows that on top of his £156,000 salary as PM he has a personal income of almost £2million per year from the blind trust.

But the timing of the release this afternoon – as the PM played cricket at No10 with the England T20 team – will raise eyebrows

. It came more than two-and-a-half hours into Boris Johnson’s appearance at the Privileges Committee, which is investigating him over Partygate.

The document, from City-based Evelyn Partners, notes: ‘All of your investment income and capital gains relate to a single US-based investment fund. 

‘This is the investment listed as a ”blind management arrangement” on the List of Ministers’ Interests. 

‘You are subject to tax in the UK on your portion of the income and gains received by this fund, notwithstanding that none of those amounts are distributed to you.’

Estimates suggest that he and Ms Murthy, the daughter of an Indian tech billionaire, are worth around £730million – double the estimated £300-£350million wealth of King Charles III and Camilla. The majority of this is thought to be due to Ms Murthy’s 0.91 per cent stake in her father’s software company, Infosys.

In 2016, Mr Cameron released a summary of his tax returns from 2009 to 2015 in an attempt to defuse a row over his personal finances. When she was home secretary, Theresa May also published a tax summary a few months later but refused to during her tenure in No 10.

Boris Johnson never released his tax details while PM, but did so when he was mayor of London.

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