AFTER a week of denials, prime minister Cameron yesterday published just a summary of his tax returns.
Cameron did reveal he received £300,000 from his late father, which is just below the inheritance tax bar of £325,000. He also received two gifts from his mother of £100,000. As a result. he has paid no tax on the £500,000. It was also revealed the PM earned £90,000 in rental income from his family home last year.
The SNP said yesterday that the Tory Cabinet should follow in Cameron’s steps and publish any links they have with tax havens. SNP Westminster leader Angus Robertson told Sky’s Murnaghan programme: ‘We have heard absolutely nothing about other members of the Cabinet. Where is the Chancellor of the Exchequer George Osborne?
Has he made a declaration that he has never ever benefited from offshore trusts? ‘What about other Treasury ministers? Have they ever benefited from offshore trusts?”
”I think the publishing of the tax returns by the Prime Minister is welcome, but it doesn’t answer these wider questions and it is something that this week they are not going to get away from. If the Prime Minister doesn’t make a statement to Parliament tomorrow the SNP is going to apply for an urgent question so he is brought before Parliament to update MPs of what he has done, what his Cabinet have done and what his government intends to do in the future.’
Labour leaders pulled their punches and failed to demand Cameron or Osborne’s resignation. Commenting on the £500,000 in gifts and inheritance, shadow chancellor John McDonnell told the Murnaghan programme: ‘He never paid any inheritance tax whatsoever.
‘There’s an issue here, people say it’s one law for the rich, there’s another for the rest.’
He added: ‘People think the system is unfair – I’ll just give one example from the Budget. At the same time they were cutting inheritance tax they were cutting benefits for disabled people by £30 a week, people just don’t think that’s fair.’
Earlier party leader Jeremy Corbyn said: ‘It took five weasel-worded statements in five days for the Prime Minister to admit that he has personally profited from an undeclared Caribbean tax haven investment deal.’
Corbyn added: ‘It is extraordinary that after pocketing the profits from his offshore investment trust, the Prime Minister was lobbying the European Union against transparency in the ownership of trusts. The Prime Minister has lost the trust of the British people. He must now give a full account of all his private financial dealings and make a statement to Parliament next week.’