Rachel Reeves U-turns and WILL publish her personal tax return alongside Keir Starmer after initially trying to keep her finances a secret_Nhy
Rachel Reeves has U-turned and agreed to publish her private tax return after initially trying to keep her personal finances a secret.
The Chancellor this morning said she had no plan to release her private financial information, as the deadline for filing self-assessments approaches.
But she was forced to later change her position hours later after Sir Keir Starmer‘s press secretary told reporters that the PM would continue to release his, having done so in 2023 and 2024 when opposition leader.
A Treasury spokesperson indicated that Ms Reeves will publish details on her taxes.
The Chancellor had earlier been asked after a speech in Oxfordshire whether she would publish the document as the self-assessment tax return deadline nears.
She thanked journalists for the reminder about the date and insisted ministers would ‘use that money wisely to invest in infrastructure and grow our economy’.
She added: ‘Chancellors and prime ministers haven’t published their tax returns in the past, and I don’t have any plans to do so.’
However, both Rishi Sunak and Jeremy Hunt published their tax returns while in government.
However Tory leader Kemi Badenoch has ‘no plans’ to publish her tax return.
Sir Keir twice released his tax returns as leader of the opposition, and his press secretary today said he would do so again now he is PM.
Tory leader Kemi Badenoch would not commit to releasing hers either, with a spokesman saying she would wait to see what the Chancellor did.
Last February Sir Keir revealed he paid almost £100,000 in tax in the previous year – with more than half of the Labour leader’s tax bill coming from the sale of a donkey field he partly-owned.
In a summary of his tax affairs released by Labour, Sir Keir was shown to have paid £44,308 in income tax in 2022/23.
This came from his earnings as an MP, the Leader of the Opposition, royalties, and interest on bank savings.
Sir Keir also paid £52,688 in capital gains tax, following the sale of a field in December 2022 partly owned by himself and partly owned by his father’s estate.
It was previously reported that the Labour leader had sold a plot of land he had bought in the 1990s for his parents, who used it to care for neglected donkeys.
Reports at the time put the sale at £400,000. According to the latest tax summary, Sir Keir gained £275,739 from the land sale.
Asked if the PM would continue to publish his tax return, his press secretary replied: ‘Yes. He published his tax return in opposition and will do so as Prime Minister.’
At the same time last year, Ms Badenoch’s predecessor as Tory leader, Rishi Sunak, revealed he paid more than half a million pounds in tax in a year.
In a summary of his tax affairs released by Labour, Sir Keir was shown to have paid £44,308 in income tax and £52,688 in Capital Gains Tax in 2022/23
The then prime minister filed his personal income details showing he paid some £508,308 in the 2022-2023 financial year.
This was up from £432,493 he paid the previous year – an increase of just over £75,000 and almost double the £227,350 he paid in 2019-20, before the pandemic.
Ms Reeves’ predecessor in No 11 Jeremy Hunt paid a total of £117,418 in UK tax in 2022/2023, a summary of his return showed.
His total income before tax was £416,605, including £27,370 in rental income.
Kemi Badenoch’s spokesman suggested that the Conservative leader is waiting to see what the Chancellor does with her tax returns.
Asked if Ms Badenoch would publish her tax return, a spokesman for the Tory leader said: ‘She is in opposition and she will wait to see what Rachel Reeves does.’
When it was pointed out that Keir Starmer and his predecessor Jeremy Corbyn both published theirs when opposition leader he added: ‘She is in opposition, let’s see.’
Pushed further on the point, the spokesman later added: ‘The point is we are in opposition, you can ask me this question when we form a government in four years.’
