In the most recent financial year, Prime Minister Sir Keir Starmer reported paying a total of £54,718 in income tax, as disclosed by an official government document. This statement outlines the financial activities for the year 2023/24, which concluded on April 5, 2024, during a period when the Labour Party was not in power. The report also delineates that Sir Keir’s declared income amounted to £152,225. The sources of his earnings were primarily his salary as a Member of Parliament (MP) alongside smaller contributions from book royalties, and an additional £5,174 accrued from interest on savings.
This release of tax details was not unique to Starmer; it was part of a broader effort among senior political figures to disclose personal financial information. Notably, Chancellor Rachel Reeves and Deputy Prime Minister Angela Rayner also shared their tax summaries for the same financial year. Chancellor Reeves reported a total income of £91,758 and paid £24,215 in taxes, which included earnings from self-employment connected to book royalties and audiobook fees amounting to £12,372. Meanwhile, Rayner disclosed an income of £85,205, for which she paid £21,514 in tax, with her earnings solely from her role as an MP.
Interestingly, Sir Keir Starmer’s tax liability for the 2023/24 period reflects a slight increase from the previous financial year, where he paid £52,688 in capital gains tax. This prior sum was related to the sale of a property partly owned by his deceased father’s estate in December 2022. Comparatively, Starmer’s tax burden in 2022/23 was notably five times less than that of former Prime Minister Rishi Sunak for the same fiscal period.
The release of personal tax details by public figures is not a new phenomenon. Historical context reveals that former Prime Minister David Cameron was the first UK prime minister to publicize his tax returns in 2016, a move prompted by revelations concerning his late father’s offshore investments. Subsequent Prime Ministers, including Theresa May, who revealed her tax information during her Conservative leadership campaign, and others like Boris Johnson and Liz Truss, who abstained from such disclosures while in office, have added to the varying levels of transparency expected from political leaders.
Among recent disclosures, both Rishi Sunak and his Chancellor, Jeremy Hunt, voluntarily released their tax figures while serving in office. This practice aims to foster a sense of accountability and transparency regarding public service compensation and tax contributions. The political climate surrounding tax transparency has prompted ongoing debates, especially regarding the intentions behind such disclosures.
It is noteworthy that Rachel Reeves initially indicated reluctance in publishing her tax details earlier this year. However, she later changed her stance, expressing her willingness to comply with transparency practices following the recent trend among her colleagues. This evolution suggests a growing expectation placed on public figures to be forthcoming about their finances, particularly under the scrutiny of a public increasingly aware of financial accountability.
In closing, the Conservative Party’s current leader, Kemi Badenoch, has yet to outline any intentions to publicly report her tax returns for the 2023/24 year. The ongoing discussions and developments around tax disclosures among political leaders continue to highlight the intricate balance between personal privacy and public accountability, as citizens seek to understand the financial circumstances of those in power. The BBC is continuing its efforts to engage with the Conservative Party for comments regarding these ongoing fiscal disclosures.