Newspaper article The Evening Standard (London, England)

Goldsmith Reveals PS10m Earnings.And PS4m Tax Bill

Newspaper article The Evening Standard (London, England)

Goldsmith Reveals PS10m Earnings.And PS4m Tax Bill

Article excerpt

Byline: PippaCrerar City Hall Editor

ZAC GOLDSMITH has made more than PS10 million in income and capital gains since being elected an MP, it emerged today -- as he took the unprecedented step of publishing details of his personal tax returns.

The disclosures come after Labour challenged the multi-millionaire Tory mayoral candidate to "come clean" over his former status as a "non-dom" taxpayer.

The returns show he has paid more than PS4.5 million in tax on his worldwide income and capital gains -- a rate of 46 per cent. His taxable income since 2010 has totalled just over PS6 million, the vast majority from a family trust set up by his billionaire father. He has made a further PS4.3 million in profits from selling assets.

His average annual income of PS1.2 million is 36 times the median salary of PS33,203 for full-time workers in the capital and puts him in the highestearning 0.05 per cent of UK taxpayers.

The personal financial information was disclosed in a letter from his accountants PwC that included details of his income, capital gains and tax payments over the last five years.

It reveals that Mr Goldsmith, believed to be the wealthiest member of the Commons, paid an average of 46 per cent income tax over the five years, in line with the current 45 per cent top rate on earnings. He also pays national insurance on his PS74,000 a year salary as MP for the Richmond Park. Mr Goldsmith, who this weekend said he would be voting for Britain to leave the European Union, pledged to publish his tax returns last week for the sake of transparency after coming under fire over his finances. Today he called on his rivals including Labour's Sadiq Khan, Green Sian Berry and Respect's George Galloway to follow suit.

Mr Goldsmith said: "I have today published my tax return details, prepared and verified by PwC...I gave a commitment to do so and today I deliver on that promise. I look forward to all mayoral candidates doing the same so London voters can judge us equally. …

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