Cameron releases tax return information in unprecedented move sparked by Panama Papers row

Admission: Cameron told delegates he could have handled things better
PA
Hannah Al-Othman10 April 2016
WEST END FINAL

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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 shows.

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 information, first promised in 2012 but released following the furore about Mr Cameron's shares in an offshore fund set up by his father Ian, 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 accounts also show that he and his wife Samantha made a £19,000 profit from the sale in 2010 of their shares in the Blairmore Holdings fund, with Mr Cameron declaring a £9,501 share of that profit, below the then £10,100 capital gains tax threshold

Mr Cameron inherited £300,000 when his father died in 2010, and was later given two payments of £100,000 by his mother in May and July 2011 in an attempt to balance out the legacy between the Prime Minister and his siblings.

The figures, which provide a summary of his tax affairs, but not the full returns, 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.

The Prime Minister published details of his personal tax affairs following revelations about his stake in the Panama-based Blairmore Holdings fund.

Addressing the Tories' spring forum on Saturday, Mr Cameron had said he accepted full responsibility.

"It has not been a great week. I know that I should have handled this better. I know there are lessons to learn and I will learn them," he said.

"Don't blame Number 10 Downing Street or nameless advisers, blame me."

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