Support our Nation today - please donate here
News

Rishi Sunak earned £2.2 million and paid £508,000 in tax last year, documents show

09 Feb 2024 4 minute read
Photo Beresford Hodge PA Images

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.

It takes his total earnings over the last four years to about £7 million.

Capital gains

He paid an overall tax rate of only about 23% of his annual income in 2022/23, 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.

Tax expert Dan Neidle said: “What devious planning did he use to pay so little tax? Absolutely none. Most of that £2.3m is in the form of capital gains, and we tax capital gains on shares at only 20%.”

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.

Out of touch

The former investment banker and hedge fund manager has faced accusations of being out of touch with the British public struggling with the cost-of-living crisis due to his vast wealth.

Those criticisms were renewed this week when he accepted a £1,000 bet with broadcaster Piers Morgan over the success of the Government’s Rwanda asylum scheme before the election.

But last month he hit back at critics, saying he “worked really hard for everything that I’ve got” and that those using his wealth as a “political smear” lacked ambition for the country.

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, including £27,370 in rental income.

Commenting on the Prime Minister’s tax return, Sarah Coles, head of personal finance at investment platform Hargreaves Lansdown, told the PA news agency: “Rishi Sunak would have had a much bigger tax bill if he was working to generate all of this income, rather than putting his wealth to work for him – because capital gains are taxed at a much lower rate than income.

“His investment income will have suffered from the slashing of the capital gains tax and dividend tax allowances last April – and they’ll suffer again this April when the allowances are cut again. For a man with so much wealth, he’d be forgiven for not being able to tell the difference. However, for investors with more typical portfolios it will be a bitter blow.”

Labour leader Sir Keir Starmer is expected to follow Mr Sunak’s example by publishing his tax return.


Support our Nation today

For the price of a cup of coffee a month you can help us create an independent, not-for-profit, national news service for the people of Wales, by the people of Wales.

Subscribe
Notify of
guest
15 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Mab Meirion
Mab Meirion
21 days ago

Pretty good rope trick…make 8% disappear, just like that…

We have all been film extras in an American Heist movie shot on location in Downing Street, England…

Produced by Sunak, Hunt and Gove @Slash, Burn and Pillage UK…

Mab Meirion
Mab Meirion
21 days ago

This is grotesque, an abomination of a Government as corrupt as the day is long…

NOT Grayham Jones
NOT Grayham Jones
21 days ago

So he is rich- that does not make him a bad person- infact it is probably a good thing as he is not corruptable like someone who has no money. Boris Johnson was basically skint and look at all the dodgy things that went on when he was PM re loans etc.

Jeff
Jeff
21 days ago

Yeah, about that. Control of MP’s comes in many forms. Dont forget he didn’t know how to tap a card, took a bet for 1k to harm people. Then there are donation to the party form big oil affecting decisions.
https://publications.parliament.uk/pa/cm/cmregmem/240205/sunak_rishi.htm

Mab Meirion
Mab Meirion
21 days ago

Sunak and Fat Shanks…two sides of the same 9 dollar/ruble/rupee coin…

Mab Meirion
Mab Meirion
21 days ago

It is the man not his money that has been found wanting by his every action, “I’m here to move wealth from the poor to the rich” out of the mouth of a complete sociopath…

Jeff
Jeff
21 days ago
Reply to  Mab Meirion

What tax rate did he pay.

hdavies15
hdavies15
21 days ago
Reply to  Mab Meirion

Rishi is undoubtedly the agent of the international kleptocracy. He is part of one of the clans that make up the globalist network of looters, con artists and thieves. Boris was just someone who couldn’t contain his urge to get in on those juicy scams. Probably out and about loitering near one of these global criminals begging for a chance to become “attached”.

Mab Meirion
Mab Meirion
21 days ago
Reply to  hdavies15

The whole lot at the top are having a supermarket trolley dash…

While Braverman continues her Religionist Wars and Truss brings economic hell on councils, families and individuals alike with protection squad and gold plated pension without protest.

A free for all @Slash, Burn and Pillage UK

Last edited 21 days ago by Mab Meirion
Mab Meirion
Mab Meirion
21 days ago
Reply to  Mab Meirion

And we would be fools to think it is not being repeated at some level in the bay…3/4 years ago we were watching the wide-boys and the carpetbaggers come down the 55 to Ynys Mon but, like rust they don’t sleep. The pickings are bigger in the south along the M4 and there must eager fingers waiting to pick pockets. When you hook-up with nuclear the money is eye watering…

oh well! thank god Liverpool didn’t lose or the atmos would be terrible in this house…glum club…

Last edited 21 days ago by Mab Meirion
Frank
Frank
21 days ago

What does a person like him know about how people in poverty survive? We need leaders who know about and have lived a real life.

Y Cymro
Y Cymro
21 days ago

You find the more you earn the more ways you find not pay tax due. And only recently it was revealed whiter than white Rishy Sunak’s wife Akshata Murty paid little or no tax being a nom-dom on their £750+ million fortune. If you live and work in a country must pay tax not use any loopholes deliberately designed by previous Tory & Labour governments so the mega-rich can , and let’s use the proper term , evade, not avoid , paying tax by either using off-shore tax havens or spending a period a time overseas then returning evading tax… Read more »

Why vote
Why vote
21 days ago

Why is this man not running his wife’s billion pound empire? And leave the UK in peace. As CEO he could make 100 times that money. He obviously is not on the top 20 list so how useless do you have to be that your own wife won’t let you control her destiny.

Dai Ponty
Dai Ponty
21 days ago

The DISUNITED KINGDOM is good at criticising other countries of corruption third world countries and here we are so much corruption has gone the last 14 years under the Tories but they do not hide it they seem to boast about it

Rhddwen y Sais
Rhddwen y Sais
21 days ago

If everyone paid as much tax we could afford bigger aircraft carriers than the good old US of A.

Our Supporters

All information provided to Nation.Cymru will be handled sensitively and within the boundaries of the Data Protection Act 2018.