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British finance minister Osborne publishes 2014/2015 tax record
[LONDON] British finance minister George Osborne published details of his tax records for 2014/15 on Monday, following the lead of Prime Minister David Cameron who on Sunday made the unprecedented decision to publish how much he earned and how much tax he paid.
The disclosures form part of the Conservative government's attempts to draw a line under questions about senior politicians' tax dealings after Mr Cameron's late father was mentioned in the Panama Papers as having set up an offshore fund.
The summary showed that Mr Osborne paid 72,210 pounds (S$137,459) of tax on a total taxable income of 198,738 pounds. That income was made up of his salary, of which 120,526 pounds was taxable, 33,562 pounds in net rental income and dividend income of 44,647 pounds.
- For more coverage of the Panama Papers, visit bt.sg/panama_papers
The note, published on the government website and compiled by a chartered accountancy firm, said Mr Osborne had no other sources of income or capital gains domestically or overseas, and no offshore interests.
It said his dividend income related to shares in Mr Osborne and Little Group Limited, a Britain-based manufacturer of wallpapers and fabrics that was founded by his father. Mr Osborne paid income tax on the dividends, the note said.