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Corbyn reveals tax details

Labour leaders challenge May to publish her tax return

Corbyn in Penicuik

Tax pledge: Jeremy Corbyn during a visit to Penicuik (pic: Terry Murden)


 

Labour Leader Jeremy Corbyn has published his tax return for the fourth year running keeping his commitment to full openness transparency in his personal tax affairs. Shadow Chancellor John McDonnell, has also again published his tax return. 

In the 2017 manifesto, Labour pledged to implement a Tax Transparency and Enforcement Programme which includes a requirement for all large companies and individuals earning more than £1 million to publicly file their tax returns. 

The returns, for the 2017/18 tax year, fully disclose all income and the tax they have paid. Neither the Prime Minister Theresa May nor the Chancellor Philip Hammond have published their full tax returns. 

Mr Corbyn said: “I believe that if we aim to reform our tax system to be more transparent, then politicians must lead by example. This is why I have published my tax return for the fourth time since becoming leader of the Labour Party.

“In Government, Labour will crack down on the scourge of tax avoidance and evasion and will put full transparency at the heart of our programme.”

Mr McDonnell said: “HMRC estimate that last year we were deprived of over £30bn in revenue that could have been spent to fund our schools, hospitals and vital public services through tax evasion and avoidance. Experts estimate the full amount lost to be far higher. 

“I believe it is right that if you aspire to be in charge of the nation’s finances then you should be fully open and transparent about your own income. In this spirit I have published my tax return.

“I call on the Prime Minister and Chancellor to follow suit.”

Earnings and tax paid

  • In the 2017/18 tax year, Jeremy Corbyn received a total income of £132,611 including MP’s salary, Leader’s pay, and pensions.
  • He paid a total of £46,074.90 in income tax, including £6,442.90 paid to settle outstanding balance due to an administrative error that has been amended accordingly.  
  • He holds no other paid positions, stocks or shares, benefits from no trust funds (including blind trusts), did not receive any income from property, and carried out no other paid work during this period.
  • In the 2017/18 tax year, John McDonnell received a total income of £92,036 including MP’s pay and pensions. From this income a total of £25,533.00 was deducted in income tax of which £26.60 is repayable.
  • He received a £15 dividend from a small savings pot he holds in a Credit Union he helped found in his Hayes constituency and holds no other paid positions, stocks or shares, benefits from no trust funds (including blind trusts), did not receive any income from property, and carried out no other paid work during this period.


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