Panama Papers scandal: Seven things we now know about MPs thanks to their tax returns

 
Hayley Kirton
Follow Hayley
BRITAIN-TAX-ILLUSTRATION
Source: Getty

Anybody who had ever wondered about the incomes and outgoings of MP's finances has been spoilt for choice recently, as many rushed to expose their own tax details in the wake of the Panama Paper's scandal.

Here's seven things we now know about tax returns and politics thanks to the recent reveals:

1. We discovered why the paper tax return deadline is much earlier than digital

Those who do not understand HM Revenue & Customs' desire to get paper tax returns in by the end of October, while allowing those opting for digital until the end of January, should take a look at the scribbles on Labour leader Jeremy Corbyn's return. We've determined he's been paid £1,850 in other income, but we're not sure about the source. (Surrey income isn't a thing, is it? Maybe it's survey income.)

However, by virtue of being an MP, Corbyn benefited from the later January deadline date. That being said....

2. Somebody really ought to send Corbyn a 'save the date' card

....he still filed his return for 2014/15 late on 6 February 2016.

3. George Osborne probably should have a word with his bank manager

The chancellor flourished his tax details for 2014/15 yesterday, revealing a total taxable income of £198,738. However, as just £3 of it relates to bank interest, many were left wondering if Osborne maybe wanted to pop into his local branch to see if he could get a better deal.

However, as the chancellor published just a summary of his return, we can't be completely certain if the £3 related to all the chancellor's interest income or just that which isn't contained in a tax-free wrapper, such as an Isa.

That being said...

4. Osborne could have a chat with Cameron about bank accounts

In contrast to the chancellor, the Prime Minister pocketed himself £3,052 in interest from a "UK high street bank". While the amount he had stashed away was not disclosed, it's likely to be at least £150,000, if you assume an interest rate of two per cent.

5. He might want to bring up letting agents while he's at it

Both the Prime Minister and the chancellor have been raking in some income by renting out property in London. However, while Osborne brought in £33,562 in 2014/15, Cameron netted £46,899.

6. The Daily Telegraph pay Boris Johnson how much?!?

The Daily Telegraph forked out a cool £266,667 to the current mayor of London's words of wisdom in 2014/15. Sky News economics editor Ed Conway was quick on the calculator and sussed out that this means he gets roughly £6 per word.

7. Corbyn doesn't earn in a year what some of the others pay in tax

From what we've seen so far, Jeremy Corbyn pays one of the lowest tax bills but that's also because he's earning a fraction compared with everybody else on this list. While the Prime Minister's income tax bill for 2014/15 was £75,898 and the chancellor's came in at £72,210, Corbyn's total pay from employment was just £70,795.

Panama papers: What you need to know

Related articles