In the fiscal year ending on April 5, 2024, Prime Minister Sir Keir Starmer reportedly paid a total of £54,718 in income tax. This amount was based on an income of £152,225, with the majority stemming from his duties as a Member of Parliament. Additional earnings came from book royalties and £5,174 in interest from a savings account. Notably, this period marked Labour’s time in opposition.
Chancellor Rachel Reeves and Deputy Prime Minister Angela Rayner also released summaries of their tax affairs for the same year. Reeves reported a total income of £91,758, paying £24,215 in income tax. The source of her earnings included £12,372 in self-employment income, attributed to book royalties and audiobook fees. On the other hand, Rayner earned £85,205, paying £21,514 in income tax solely from her responsibilities as an MP.
Interestingly, Sir Keir’s tax bill for 2023/24 was lower than the preceding fiscal year. In the previous year, he paid £52,688 in capital gains tax following the sale of a field partly owned by his father’s estate in December 2022. Comparably, Sir Keir’s tax bill was significantly lower than former Prime Minister Rishi Sunak’s for the same year. The transparency of tax returns among public figures has become a recent trend, with names like David Cameron and Theresa May also releasing their tax information in the past.
As part of this ongoing trend, the latest summary of Sir Keir’s taxable income and taxes paid was reported to HM Revenue & Customs by his chartered accountants. While some political figures have shown reluctance to disclose their tax details, there is a growing expectation for transparency in financial matters among public office holders. The issue of tax transparency continues to spark discussion and scrutiny within the political landscape, with differing approaches taken by various leaders and officials
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