George Osborne releases tax return summary

George Osborne TATTON. official election pic

Tatton MP George Osborne has published a summary of his tax return for the last financial year and says he will continue to publish this information in the future.

He has also been critical of those attacking families for passing on their wealth to their children and grandchildren.

The Chancellor was one of several senior politicians, including Labour leader Jeremy Corbyn and the Mayor of London Boris Johnson, to make personal disclosures on Monday, 11th April - following the Prime Minister David Cameron who published a summary of his tax return on Sunday.

The summary reveals that George Osborne's income for 2014/15 was £198,738 which included earnings of £120,000 along with £44,647 dividend from his shares in the wallpaper and fabrics company which his father founded and £33,562 rental income from their London home. The Chancellor of the Exchequer paid £72,210 in income tax.

George Osborne said "As the Chancellor in charge of the nation's finances, I want to be as transparent and open with the constituents who I represent in Cheshire, and the public who I work for. So I am publishing details of my latest tax return and I will continue to do so in the future. It shows what has been publicly known for many years: that I get a salary as Chancellor; I rent out my house in London while I live in Downing Street and I also have a home in Cheshire; and for this year I received a dividend from the manufacturing business my father set up.

"It's an unprecedented degree of transparency, and I'm part of a Government that has done more than any to stop tax evasion. What concerns me, however, is that some are using this debate as a proxy to attack family homes, family businesses and people who want to pass on money to their children and grandchildren. We must not let this assault on aspiration succeed."

George Osborne


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Jon Williams
Tuesday 12th April 2016 at 3:32 pm
In 2009 and 2012 Osborne was criticised for his expense claims, in particular for the claims for mortgage interest payments on his Cheshire properties.Osborne had funded the purchase of a country farmhouse and adjoining paddock in Cheshire before he became an MP in 2001 by way of a £455,000 extension of the mortgage on his London home. In 2003 he substituted a new £450,000 mortgage on the Cheshire property, which he then designated as his second home, or "flipped". As a result, he was able to claim up to £100,000 in mortgage interest on the house and paddock between 2003 and 2010, when the regulations changed. In 2012 it was revealed that the paddock had been legally separate from the farmhouse.