Rishi Sunak’s latest return revealed how he paid more than £500,000 in tax last year, up £75,000 on the previous year.
The Prime Minister filed his personal income details on Friday that showed he paid £508,308 in the 2022-2023 financial year.
In the previous financial year, the PM paid £432,493. In 2019-2020, before the pandemic, he paid £227,350 – meaning his taxes have nearly doubled in the space of three years.
The vast majority, around £359,250, was capital gains tax gains tax, which is paid on shares and other investments.
The PM, who is a millionaire, has an investment fund held in a blind trust, which made £1.8million, the document disclosed.
It means that before tax the PM earned £2.22million last year, when his salary and other income is taken into account, with an overall tax rate of 23 percent.
The PM released the summary on Friday while Parliament was in recess. Mr Sunak made nearly £1.8million in capital gains, as well as £293,407.
The gains came from a US-based investment fund listed as a blind trust, according to the reports.
His ministerial and Prime Minister salaries earned him an additional £139,477.
Though his full tax return wasn’t revealed, No 10 shared “a summary” of the findings, as reported to HM Revenue & Customs.
All together, it means Mr Sunak paid a tax rate of 23 percent – much lower than the top rate of 45 percent. Some of the income was taxed separately in the US, with the capital gains tax lower at 20 percent.
The Trades Union Congress (TUC) tweeted after the release: “It really is a mystery why Rishi Sunak raised income tax but not capital gains tax.”
The tax return has raised questions about why Mr Sunak appears to hold much of his wealth in the US rather than the UK, with many of his investments based there.
