Newspaper article The Evening Standard (London, England)

Goldsmith Pledges to Publish Tax Return after Non-Dom Status Row

Newspaper article The Evening Standard (London, England)

Goldsmith Pledges to Publish Tax Return after Non-Dom Status Row

Article excerpt

Byline: Pippa Crerar City Hall Editor

RACE FOR CITY HALL May 5 TORY mayoral hopeful Zac Goldsmith has pledged to publish his tax return after facing pressure over his finances.

The multi-millionaire Tory MP said he "fully anticipated" disclosing his records and called on his rivals in the City Hall race to do the same.

After a grilling on his former non-dom status, he insisted that he has always paid full tax on his income in the UK because he has always lived here. But Labour urged him to "come clean" over his history as a non-dom and the offshore trust that holds his wealth and property. On whether he will publish his tax return, he told BBC2's Newsnight: "Of course I will and I think all candidates should in this election.

"If this is something the candidates agree to do, then of course I will do that. I fully anticipate doing that."

He was quizzed over whether his own tax affairs will prevent him from speaking out about the activities of multinational firms such as Google, which have been accused of tax avoidance.

Mr Goldsmith said on last night's programme: "I have a huge family which covers every continent in the world. My father was an international businessman and established an overseas trust before he died. I am a beneficiary of that trust but it's a blind trust and I have no control over it.

"What I do have control over is the income I get and that income is subjected to the full tax regime in the UK and has always been."

He said non-dom status let individuals "make lifestyle choices to avoid paying tax". But he insisted: "I've never been accused of not paying tax."

The MP, whose wealth is estimated at between PS200-PS300 million, inherited his non-dom status from his father, billionaire financier Sir James, who died in 1997, leaving a PS1.2 billion fortune -- now in a discretionary trust run from Geneva for the benefit of his children. …

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