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LABOUR leader Jeremy Corbyn and shadow chancellor John McDonnell have published their tax returns and urged the Tory leadership to do the same.
Mr Corbyn has made his public for the fourth year since he became leader of the party.
The returns, for the 2017/18 tax year, fully disclose all income and the tax they have paid and have been published on their websites.
In that tax year, Mr Corbyn received a total income of £132,611 including MP’s salary, leader’s pay, and pensions.
He paid a total of £46,074.90 in income tax.
Mr McDonnell received a total income of £92,036 including MP’s pay and pensions. He paid £25,533.00 in income tax, of which £26.60 is repayable.
He received a £15 dividend from a small savings pot he holds in a Credit Union he helped set up in his Hayes constituency.
Mr Corbyn and Mr McDonnell’s returns show that they both hold no other paid positions, stocks or shares, benefit from no trust funds, did not receive any income from property, and carried out no other paid work.
In the party’s 2017 manifesto, Labour pledged to implement a Tax Transparency and Enforcement Programme, which includes a requirement for all large companies and individuals earning more than £1 million to publicly file their tax returns.
Mr Corbyn said: “I believe that if we aim to reform our tax system to be more transparent, then politicians must lead by example. This is why I have published my tax return for the fourth time since becoming leader of the Labour Party.
“In government, Labour will crack down on the scourge of tax avoidance and evasion and will put full transparency at the heart of our programme.”
Mr McDonnell highlighted HMRC estimations that showed £30 billion could have been paid by tax avoiders and evaders last year, which could have been spent on schools, hospitals and public services.
“Experts estimate the full amount lost to be far higher,” he said. “I believe it is right that if you aspire to be in charge of the nation’s finances then you should be fully open and transparent about your own income. In this spirit I have published my tax return.
“I call on the Prime Minister and Chancellor to follow suit.”
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