Daily Archives: April 12, 2012

Jim Pickard

You can see David Cameron edging towards full disclosure of his cabinet’s tax returns while still holding back from a final decision. He says it’s “increasingly likely” and he is “relaxed” about the issue. (Although we report today that many of his colleagues now think it’s inevitable.)

It’s not hard to see why this isn’t straightforward. Labour are goading the prime minister to go ahead in a “you first” kind of way. But what would Cameron gain from full publication of all the cabinet’s tax returns?

The Catch-22 is this. There are many millionaires in the cabinet, as has been reported numerous times. Any reminder of this – during a time of public austerity – is not great for the coalition’s reputation.

If it turns out that several cabinet ministers are set to benefit from the 50p rate cut then it looks bad. If it transpires that certain ministers are not paying the highest income tax rate – despite their huge wealth – that does not look great either. It’s hard to see how the government benefits, beyond looking more credible on its commitment to transparency.

Tax statements only tell part of the story, of course. Here is a full list of cabinet earnings as disclosed to the House of Commons register of interests, which I have pulled together.

What this does not recognise is that many Tory MPs raked in huge amounts Read more

Jim Pickard

You could find all this information yourself by picking your way through the Commons’ register of interests. But here it is in full (although some I have put “nil” where there are only trivial interests: The list may be of some interest given the debate about whether ministers should disclose their tax returns.

Lord Strathclyde, Leader of the house of Lords: Member of Lloyd’s of London (non-life insurance). Shareholding in Auchendrane Estates Ltd (property ownership and management of farmland, forestry, commercial and residential property in Scotland)

Jeremy Hunt, Culture secretary:

Half-share of holiday house in Italy, from which rental income is received.

Half-share of an office building in Hammersmith, from which rental income is received.

Shareholding in (a) Hotcourses Ltd. Read more