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British Prime Minister Rishi Sunak has published his tax document summary, showing he paid more than £508,308 as his total income rose to £2.23 million in 2023, up 13% on last year. The British Prime Minister gained £1.8 million from his investment in a US fund.
Chancellor Jeremy Hunt published his tax returns at the same time. It revealed he paid tax of £117,418 on income of £208,547 and capital gains of £208,058. Of his earnings, Hunt made £27,370 from rental property and £35,997 in dividend income.
Responding to Sunak’s tax summary, Labor MP Richard Burgon posted on Twitter: “He made more than £2.2million last year. But he paid only 23 percent tax. This is the same tax rate that a teacher pays. Our tax system is designed to favor the extremely wealthy. It’s time they were paid their fair share!”
The personal wealth of the British Prime Minister and his relationship with the US has been a sensitive issue for the Prime Minister. Sunak, a former Goldman Sachs banker and hedge fund manager, published his tax returns for the first time in 2023, which showed he had earned almost £5m over the past three years, mostly due to his US investment fund income.
According to the Sunday Times Rich List of 2023, Sunak and his wife, Akshata Murthy, daughter of Infosys co-founder Narayana Murthy, are estimated to have a combined wealth of around £529 million.
Sunak has faced criticism for holding a US green card while in office in 2022 and his wife’s non-dom status. He and his family own several properties, including a Grade II-listed manor in his constituency, which is equipped with a new heated swimming pool, requiring an upgrade to the local electricity network.
Here’s a detailed 3-minute summary of everything Finance Minister Nirmala Sitharaman said in her budget speech: Click to download!