Sunak made £1.8m in capital gains and paid £508,000 in tax, documents show – The Sunday Post
February 9, 2024 | by magnews24.com
Rishi Sunak has published his tax documents, showing that he paid more than £500,000 in UK tax last year, as his total income rose to £2.2 million.
The Prime Minister released the summary of his tax affairs on Friday afternoon as the House of Commons was in recess.
The statement showed he paid £508,308 in tax in the financial year 2022/23.
Mr Sunak made nearly £1.8 million through capital gains – up from £1.6 million in 2021/22 – as well as £293,407 in other interest and dividends.
All of the investment income and capital gains came from a US-based investment fund listed as a blind trust, according to the summary.
He also earned £139,477 from his MP and prime ministerial salaries, a sum that made up just 6% of his total income.
The Tory leader’s total income was up 13% from the previous year, rising from nearly £2 million to £2.2 million.
He paid an overall tax rate of about 23% of his annual income, because most of his earnings were in the form of capital gains, which is taxed at a lower rate than income.
Mr Sunak vocally backed the slashing of the top rate of capital gains tax from 28% to 20% by the Tory Government in 2016.
Rather than a full tax return, No 10 published “a summary” of Mr Sunak’s UK taxable income, capital gains and tax paid over the last tax year as reported to HM Revenue & Customs, prepared by accountancy service Evelyn Partners.
The former California resident separately paid 6,847 US dollars in tax from 45,646 US dollars of dividends that were taxed separately in the US in 2022.
Mr Sunak and his wife, Akshata Murty, the daughter of the billionaire co-founder of Indian IT giant Infosys, have a combined wealth estimated at about £529 million, according to 2023’s Sunday Times Rich List.
Chancellor Jeremy Hunt, whose tax summary was also published, paid a total of £117,418 in UK tax in 2022/2023.
His total income before tax was £416,605.
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