Jeremy Corbyn fined £100 for filing tax return late

Grahame Morris

David Cameron, who has also published his tax affairs, attacked Mr Corbyn for taking so long to reveal his return to the Commons.

George Osborne has today bowed to public pressure to reveal his tax return, showing he had an income of nearly £200,000 previous year before paying £72,000 in tax.

A Treasury source said: "We have been clear that the Chancellor has never had any offshore shareholdings or other interests".

His earnings included his government salary as well as income from dividends in a wallpaper firm established by his father, rental income on a London home jointly owned with his wife, and interest on savings, according to the statement.

In a Commons statement, Mr Cameron - who published his own tax return at the weekend - said it was right that those who aspired to run the nation's finances declare their own tax affairs.

The Labour leader had to pay a £100 fine after filing the return late.

Facing MPs for the first time since the row over his family's tax affairs, the prime minister said "artificially reducing tax" should not be confused with legitimate enterprise and wealth creation schemes.

Bookmakers William Hill said they had cut their odds on Cameron resigning as prime minister this year to 2/1 compared with 16/1 when he won the last general election last May.

The Prime Minister has been angered by the focus on his father's offshore business interests, insisting it was a "fundamental misconception" that the Blairmore Holdings trust had been set up to avoid tax.

Jeremy Corbyn's mooted unarmed nuclear submarines could spearhead a "Corbyn invasion force" to impose direct rule on British offshore tax havens, David Cameron has joked. The tax rules "fully recognise" that parents may make gifts to their children tax-free while they are alive, and this was "something that we should not just defend but proudly support", he said. If the £500,000 had come from his father in one hit of inheritance, he could have faced inheritance tax of up to £80,000.

The prime minister's office had said it approved of the disclosures by Mr. Osborne, the chancellor of the exchequer, as well as his counterpart in the main opposition Labour Party, John McDonnell, and those aspiring to be prime minister, such as Labour leader Jeremy Corbyn.

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