Prime Minister Rishi Sunak snuck out a summary of his tax return that lifted the lid on his wealth showing that he made a staggering £2.2million in the last financial year
Rishi Sunak paid almost the same tax rate as a nurse despite earning millions more, it has been revealed.
The super-rich published a summary of his tax return showing that he made more than £2.2million in the last financial year. The document shows he paid £508,308 in income tax and capital gains tax in the UK.
His vast income included £1.8million in capital gains from a single US-based investment fund, as well as £293,407 in other interest and dividends. He also got £139,477 in salary from his roles as MP and Prime Minister.
Mr Sunak paid an effective tax rate of 22.8% on his £2.2million income, which is the same rate as paid by a teacher on an average salary of £41,604, according to figures from Tax Justice UK. It is only slightly higher than the 21% effective tax rate paid by a nurse on a typical salary of £37,000.
Robert Palmer of Tax Justice UK said: “People will be shocked to learn the Prime Minister has such a low tax rate despite bringing in millions. But this is a feature of our broken tax system.
“At the moment someone who earns most of their money from their wealth – like the Prime Minister – pays a much lower tax rate than someone who relies on going out to work for their living. We need to fix this to make sure that income from wealth is taxed at the same rate as income from work.”
Chancellor Jeremy Hunt also published a summary of his tax return that showed he made a total of £416,605 last year, including £27,370 in rental income. He paid £117,418 in income tax and capital gains tax in the UK.
Mr Sunak first pledged to publish his tax returns during his failed Tory leadership campaign against Liz Truss in the summer of 2022.
The PM and his wife Akshata Murty are the richest inhabitants of Downing Street in history with an estimated £520milllion fortune, according to the Sunday Times Rich List.
Earlier this week he was branded “out of touch” for agreeing to a £1,000 bet on whether deportation flights to Rwanda will get going before the election. He is also under pressure to come clean over whether he uses an NHS dentist.
Downing Street is refusing to say whether the super-rich PM knows what life is like for the millions of ordinary voters finding it difficult to get check-ups.