The majority of Starmer’s income derived from his role as a Member of Parliament. Additional income included book royalties and £5,174 in interest from a savings account
Prime Minister Keir Starmer paid £54,718 in income tax for the financial year 2023/24, according to official documents released by the government. The summary indicates that Starmer’s taxable income for the period ending on 5 April 2024 amounted to £152,225. This period saw the Labour Party in opposition. The majority of Starmer’s income derived from his role as a Member of Parliament (MP). Additional income included book royalties and £5,174 in interest from a savings account. Chancellor Rachel Reeves and Deputy Prime Minister Angela Rayner have also disclosed their tax affairs for the same financial year.
Reeves reported a total income of £91,758, with £24,215 paid in income tax. Her income included £12,372 from self-employment, primarily from book royalties and audiobook fees. Rayner’s total income was £85,205, with £21,514 paid in income tax. All of Rayner’s income and taxable benefits were from her role as an MP.
Starmer’s tax bill for 2023/24 was lower than the previous financial year. In 2022/23, he paid £52,688 in capital gains tax following the December 2022 sale of a field partly owned by his father’s estate. This tax bill was significantly lower than that of former Prime Minister Rishi Sunak, whose tax bill for the same year was five times higher.
The tradition of publishing tax returns by prime ministers began with David Cameron in 2016, following revelations about his late father’s offshore fund. Theresa May released her tax return during her campaign to be Tory leader in 2016 but did not do so during her tenure as prime minister. Boris Johnson and Liz Truss, who preceded Sunak, did not publish their tax returns. Sunak and then-Chancellor Jeremy Hunt did release their tax figures while in office.
Initially, Chancellor Reeves had stated she had no plans to publish details of her tax affairs earlier this year. However, she later announced her intention to release her tax return, aligning with recent precedents. “I’m very happy to release my tax return in accordance with what’s happened in the recent past, and I’ll be doing that alongside the prime minister in due course,” she said.
In contrast, the Conservatives have indicated that their leader, Kemi Badenoch, has no plans to publish details of her 2023/24 tax return.
The release of tax returns by senior political figures has become an increasingly important aspect of political transparency in the UK. It allows the public to scrutinise the financial affairs of those in positions of power, fostering accountability and trust. The decision by Starmer, Reeves, and Rayner to disclose their tax information reflects a growing trend towards openness in political circles.
However, the reluctance of some political figures to release their tax returns highlights ongoing debates about the extent of transparency required in public life. While some argue that full disclosure is essential for maintaining public trust, others contend that privacy concerns and potential misuse of information must be balanced against the need for transparency.
The publication of Prime Minister Keir Starmer’s tax bill, along with those of Chancellor Rachel Reeves and Deputy Prime Minister Angela Rayner, marks a significant step towards greater financial transparency in UK politics. As the debate over the balance between transparency and privacy continues, the actions of these political leaders will undoubtedly influence future practices and public expectations.
