...to think David Cameron's tax affairs are no- one else's business?

[Nessalina]

I think all of this furore over the PM's finances is a bit bizarre. If the law allows people to reduce the amount of tax they may need to pay through lawful methods, why shouldn't he be able to do the same? Yes, he's a red-faced pillock with far too much money, but he's not actually broken any laws... Prepares to be flamed

[LineyReborn]

That's going to Boris's problem. He needs to be seen not be hiding anything. Faux buffoonery only goes so far.

[Flashbangandgone]

This is the latest example of it. The people who are making the most fuss about it are the people who are most interested in Brexit

Indeed... Totally cynical behaviour given that their tax affairs are probably a lot more shady! I don't see them challenging Boris to publish his tax returns...

[limitedperiodonly]

Cameron is a fool. This is the latest example of it. The people who are making the most fuss about it are the people who are most interested in Brexit.

[LineyReborn]

I think in this day and age to be Prime Minister and be less than candid about a financial matter that's all over the press is a bit Malcolm Tucker 'You Useless Fucking Cunt' territory.

[Flashbangandgone]

Also the IHT attacks are ridiculous... The IHT rules are written to encourage tax planning! I expect those so up in arms would never buy from duty free shops and deprive the exchequer of customs duties!

[Flashbangandgone]

Far too much made of this... DC invested in a non-UK company (perfectly legal) and declared and paid taxes on all income earned.... Nothing of any note - nothing to see here. It's not in the same league as the Jimmy Carr stuff... Besides, how many of those of you so outraged by this know how your pension funds are invested? Odds are that they invest in foreign companies with different corporation tax rates too... Have you ever heard of 'people in glass houses?...'

Yes, the PM has dealt with this in a clumsy manner, reacting to a fast moving news story with less candour than was wise in retrospect, but no more... This is more of a witch hunt by those who already hate him for other reasons!

[Andrewofgg]

A few years ago my old-lefty sister and BIL sold the house they had bought decades earlier when it was run down. They had spent a lot of time and money making it a lovely place to live (but not to get old in) and the area had become more fashionable (which of course was pure luck) and it sold for a lot of money.

They were able to buy a semi in the town and to pay outright for a small run-down house for my nephew - my niece had had a lot of help piecemeal over the years. The possibility of IHT arising on their death within seven years was covered by a one-off life insurance policy.

If they both live the seven years the Exchequer will be down a substantial amount - just like on Tony Benn's death and will be on DC's mother's death.

And they are all right.

[lljkk]

A YouGov survey published yesterday found that Corbyn is now ahead of Cameron on approval ratings.

I look forward to Jeremy Corbyn publishing his tax returns, too. Nobody can attack a lefty like the lefties can. Maybe that nice Doris from down the chip shop should stand for major party leader. She hasn't got tuppence to rub together.

[StatisticallyChallenged]

The funniest thing about the Scottish ones is the fact that some news sources are seriously over-egging the fact that Sturgeon doesn't take the full First Minister salary. That's true, she doesn't and takes a few K less (fair play) but they're harping on about the fact she only got paid £104k compared to the salary of £144k...

"It revealed the First Minister declared an income of £104,000, despite being eligible for a £144,687 salary. She said last year that she would not claim the full salary available to her, which would put her on a higher wage than David Cameron." from the Fail...

They don't appear to realise it's a 2014-15 tax return and she wasn't FM for about half of that period - she became FM in the November. So of course her tax return wouldn't show £144k.

[LineyReborn]

Cameron and his family can do what they like.

But as Prime Minister he was a prat to be less than honest about it.

[howabout]

All the party leaders in the Scottish elections have published their tax returns ahead of the May elections. They make very uninteresting reading - vanilla doesn't even start to cover it.

[BMW6]

So should he and his family not invest in any ISA's? That's tax avoidance too according to the frothers on here.

[Andrewofgg]

SquidgeyMidgey I think anyone holding public office should have to publish their tax return.

Councillors?

School governors?

Do you want people to take these tasks on?

[LifeofI]

it is our business

[ineedaholidaynow]

My understanding is that the only way DC has avoided IHT is by him and his mum not being dead!

IHT is payable on an estate when someone dies. The gifts made by his mum are not liable to IHT because she is not dead. He has not avoided any IHT because there is no IHT payable! If she dies within 7 years of making the gift then there is potentially IHT payable and DC may be liable for that. But as mum is not dead there is no IHT payable. What should he be paying? Can someone who thinks he should be paying show how you would calculate it

If people don't understand IHT you can go on the government website and see the rules there about making potentially exempt transfers/gifts. It is not some fancy scheme made up by some clever accountants for exceptionally wealthy people, it is simply the rules of IHT which have been around for quite a few years.

[SquidgeyMidgey]

That last one wasn't in reply to you LineyReborn.

[SquidgeyMidgey]

So do we say that only PMs from blue collar families can try to balance the country's books from now on?

[LineyReborn]

Squidgy I don't want him to do anything particularly. He's hoisted by his own petard on this.

What bothers me is the dishonesty and stupidity over his inept fudging of the matter.

The Tories themselves will take him down, as other pp have said.

[candykane25]

DC to make a statement in the morning.

[umizoomi]

Eustace how can you claim his mother or executors did IHT avoidance?! You have absolutely no idea if that's the case, if the total estate was worth more than the IHT threshold it doesn't matter if it's divided two ways or two hundred ways IHT would still be due and would have been paid. If Ian Cameron wanted to completely avoid IHT he should have left it all to his wife who then could have gifted more to the children.

If another sibling received a house as a bequest from Ian Cameron and DC got £300k directly from the will IHT would have been paid at the time BEFORE the bequests were dished out

[candykane25]

I know! Yes, how DC behaves is related to austerity measures.
He controls all the money.
He giveth, he taketh.
He decides who gets what.
He giveth himself more, he taketh from the vulnerable.
They are very much linked.

[SquidgeyMidgey]

LineyReborn what do you want him to do, genuine question, no tone to that.

[LineyReborn]

Do you really not 'get' the hypocrisy?

[Nessalina]

So long as he has declared all of his income, rents, gifts, interest etc., on his tax return, which he appears to have done, including this controversial £30k from his dad's fund, then it's all under the scrutiny of HMRC anyway. If the amount of tax he had declared was not enough, they'd have been all over him like a rash, like they are on anyone who pays less than they should.
From what I understand, he has actually paid more tax than he needed to, because he is entitled to a £20k tax-exempt allowance as PM, which he elected to waive. And yet he still is being told he should pay more, because it's morally right to do so! I just don't get it. The cuts that are being put in place in the name of austerity may be crap, but they're not related to the PM's personal finances.

[Slarti]

Most of the money has already been taxed I expect.

Like all other money then. If I buy something in a shop I pay VAT on the transaction. When the business passes that money into their employees they pay income tax. If they buy something with those wages they too pay VAT. If they put it in a savings account they pay tax on the interest. Money is continually taxed.