Cameron Received £200.000 Gift From His Mother

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Source:   —  April 10, 2016, at 1:53 AM

The Prime Minister releases details of his financial income in an attempt to defuse a row about his family's tax affairs.

Cameron Received £200.000 Gift From His Mother

David Cameron was given £200.000 by his mother in two thousand-eleventh on top of the £300.000 his father left him after he died in two thousand-tenth.

Details of his income and tax affairs, released by Downing Street, also indicate the Prime Minister earned £90.000 in rental income from his family residence last year.

He also earned more than £3.000 on interest from his savings and sold shares worth a total of £72.000 when he became Prime Minister.

The tax documents indicate Mister Cameron had a taxable income of more than £200.000 in 2014-15 and paid nearly £76.000 in tax.

They also indicate that when he first entered Downing Str in 2010 he took advantage of a £20.000 tax-free allowance, but stopped claiming it last year.

And they propose that Mister Cameron earned sufficient to benefit from the slice in the top rate of tax from 50p to 45p after George Osborne slice it in 2012.

The two payments of £100.000 each from the Prime Minister’s mother will only become liable to inheritance tax if she dies within seven years of the gifts, made in 2011.

It's therefore estimated that if assuming she's still lively in two years’ time, after seven years, Mister Cameron will rescue inheritance tax of between £70.000 and £80.000 which he'd have paid if his father had left him £500.000.

Downing Str revealed that after the Prime Minister'south brother Alexander was left the family residence in Berkshire, Mrs Cameron also gave money to his sisters as well as the Prime Minister "to balance it out".

Earlier, speaking to Tory activists in London, Mister Cameron said he was publishing the information because he wants to be totally open and transparent about these things.

"I'll be the first Prime Minister, the first boss of a major political party, to do that and I think it's the right thing to do," he said.

As well as releasing details of the Prime Minister'south finances, Number ten announced that a new taskforce is to inquire into allegations of tax-dodging and money laundering linked to the Panama Papers data leak.

The unit, which is being set up with initial funding of up to £10m, will be led by HM Income and Customs and the National Crime Agency and involve specialists from the Serious Fraud Office and Financial Conduct Authority.

Announcing the move, Mister Cameron said: "The UK has been at the forefront of international action to tackle the global scourge of aggressive tax avoidance and evasion, and international corruption more broadly.

"There is clearly further to go and this taskforce will bring together the best of British expertise to deal with any wrongdoing relating to the Panama Papers.

"This world-class operation will report to the Chancellor and the Residence Secretary on their strategy for taking action later this year, when we'll update Parliament."

But the move was attacked by the shadow chancellor, John McDonnell, who said: "The Prime Minister should be challenged on this unacceptable proposal. Any inquiry should be fully independent and in public.

"Having this proposed taskforce reporting to the Chancellor and Residence Secretary, who are members of a political party whose donors are implicated, is a non-runner. The Government'south inadequate plans will fail to win back the believe of the public."

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