Keir Starmer publishes tax return revealing he paid £67,000, after Rishi Sunak shows payment of £432,000
23 March 2023, 17:19 | Updated: 24 March 2023, 01:29
Sir Keir Starmer has published his tax return, showing he paid £67,033 in the past financial year.
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The publication of the Labour leader's tax details comes after Rishi Sunak revealed his tax return on Wednesday.
Prime Minister Mr Sunak, who said he was "glad" to publicise the details of his taxes, paid £432,493 in tax in 2021/22, the last financial year.
Sir Keir paid £51,547 in taxes in 2020/21, taking the total over the past two financial years to £118,580.
That means the Labour leader is paying a much higher effective tax rate - 33% - than Mr Sunak, whose effective tax rate was 22%, because much of the PM's income came from capital gains.
Income is taxed at a higher rate than on capital gains, which cover assets like property and stocks.
Sir Keir paid £43,103 in income tax in 2021/2022, and £23,930 in capital gains tax in the same year after netting £85,466 from his share of selling a house he owned with his sister.
Mr Sunak paid most of his tax on his capital gains earnings, which totalled more than £1.6 million in that tax year.
Mr Sunak paid £325,826 in capital gains tax and £120,604 in UK income tax on an income of £329,561.
No10 published "a summary" of his UK taxable income, capital gains and tax paid as reported to HMRC, prepared by accountancy service Evelyn Partners.
Details of the return showed that he paid £393,217 in 2020/2021, and £227,350 in 2019/20.
The PM first pledged to publish his tax returns during his initial campaign to become Tory leader last summer, in a bid to show transparency.
CEO of Open Democracy Peter Geoghegan breaks down Rishi Sunak's tax return
He repeatedly promised to do so in recent months, and faced continued pressure to release the documents when it emerged Tory former minister Nadhim Zahawi settled an estimated £4.7 million bill with HMRC while he was Chancellor.
Mr Sunak's family finances previously faced scrutiny while he was Chancellor too, when the "non-dom" status of his wife Akshata Murty was revealed.
Following the controversy, Ms Murty, the fashion designer billionaire's daughter who married Mr Sunak in 2009, declared that she would pay UK taxes on all her worldwide income.
Sir Keir welcomed Mr Sunak's move to publish his tax returns and promised to reveal his own.
