Jeremy Corbyn Publishes His Tax Return

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May 27th 2019
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Jeremy Corbyn Publishes His Tax Return

Leader of Labour Party wants all party leaders to reveal how much tax they pay.

The Labour Leader, Jeremy Corbyn, has published his latest tax return on his personal website. This makes it the third tax return he has made public on his website while he urges Prime Minister Theresa May and other leaders to follow suit.

From April 2015 to April 2016 he earned £114,340 and paid £35,300 in tax from his employments. Taxed overall at around 31 percent.

From April 2016 to April 2017 he earned £127,890 and paid £40,900 in tax from his employments. Taxed overall at around 32 percent.

From April 2017 to April 2018 he earned £123,520 and paid £38,650 in tax from his employments. Taxed overall at around 31 percent.

The Labour Leader also receives around £8,000 in pension income.

Due to how Mr Corbyn has multiple sources of income his tax return is used to make any adjustments necessary in tax and he normally has to make a one-off payment to clear his tax liability via his tax return. This has ranged from £3,000 to £6,500. An adjustment to his tax code for either of his incomes could be made to collect this through his payslip.

The bulk of Mr Corbyn's income is from his income as MP for Islington North, around two thirds. The remainder is from income as leader of the Labour party and pensions. He also makes Gift Aid payments to charities, including Freedom From Torture, Oxfam and War on Want, ranging from £800 to £5,000.

Income tax due to interest earned on savings is less than £100 so he may have less than £20,000 in savings if sitting in the lowest earning savings accounts.

Mr Corbyn has no income from stocks/shares, self employments (aside from a small income less than £1,200 from lectures), property or trust funds.

The Shadow Chancellor John McDonnell also released his tax returns showing he earned around £87,000 and paid £24,000 in tax, an overall tax rate of 28 percent. This is from all income, including pensions. His pay for being an MP was £69,355 and he was taxed £19,634 on this through his payslip.

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