Rishi Sunak earned £2.23 million in 2023, here is how much tax he paid last year

British Prime Minister Rishi Sunak has published his tax document summary, showing that he paid more than £508,308 as his total income rose to £2.23 million last year, 13% up from the previous year

Livemint
Updated11 Feb 2024
British Prime Minister Rishi Sunak realized £1.8 million profit from his investment in a US fund
British Prime Minister Rishi Sunak realized £1.8 million profit from his investment in a US fund (Photo: AFP)

British Prime Minister Rishi Sunak has published his tax document summary, showing that he paid more than £508,308 as his total income rose to £2.23 million last year, 13% up from the previous year. The British prime minister also realized £1.8 million profit from his investment in a US fund.

Sunak’s effective tax rate was 23%, lower than the top rate of 45%, due to some income being taxed at source in the US and the capital gains tax rate being 20%. He also earned £139,477 from his MP and prime ministerial salaries, a sum that made up just 7% of his total income. Additionally, he received a £276,218 dividend and £17,189 in interest on savings and investment fund in the US.

Also Read | India's net direct tax collection rises 20.25% YoY to 15.60 lakh crore

According to the summary provided by Sunak’s accountants, those investments were held under a “blind management arrangement”, which meant he did not receive the gains as income but had to pay tax on them nevertheless.

Reacting to the release the Trades Union Congress (TUC) posted on X (formerly known as Twitter): “It really is a mystery why Rishi Sunak raised income tax but not capital gains tax.”

Jeremy Hunt, the chancellor, published his tax return at the same time. It showed he paid a tax of £117,418 on income of £208,547 plus a capital gain of £208,058. Within his earnings, Hunt made £27,370 from a rental property and £35,997 in dividend income.

Also Read | Iron nails, cement barricades await farmers' ‘Delhi Chalo’ protest in Haryana 

Reacting to Sunak’s tax summary Labour MP Richard Burgon posted on X: “He earned over £2.2 MILLION last year. But he paid just 23% in tax. That's the same rate of tax a teacher pays. Our tax system is rigged in favour of the super-rich. It’s time to make them pay their fair share!”

The British prime minister’s personal wealth and his links to the US have been a sensitive issue for the prime minister. Sunak, a former Goldman Sachs banker and hedge fund manager, first published his tax return in 2023, showing he had made nearly £5m over the previous three years due mostly to his US investment fund income.

Also Read | Market cap of 4 most valued firms jumps 2.18 lakh crore; LIC, SBI lead gainers

Sunak and his wife, Akshata Murty, the daughter of Infosys co-founder Narayana Murty, have a combined wealth estimated at about £529 million, according to 2023’s Sunday Times Rich List.

Sunak faced criticism in 2022 for holding a US green card while in office and for his wife’s non-dom status. He and his family own multiple properties, including a Grade II-listed manor in his constituency, equipped with a new heated swimming pool that necessitated an upgrade to the local electricity network.

 

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HomeNewsworldRishi Sunak earned £2.23 million in 2023, here is how much tax he paid last year

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