Zac Goldsmith discloses £10m in income and capital gains since 2010

Zac Goldsmith

Zac Goldsmith has made more than £10m in income and capital gains since becoming an MP in 2010, his office has disclosed.

The Conservative candidate for London mayor received 22 times as much money from his trust fund last year as he earned in salary as an MP.

The figures are contained in Goldsmith’s tax returns, which were released on Monday amid pressure over his former “non-domiciled” tax status. The release covers only the years since 2010, when Goldsmith gave up his tax-advantageous status. The figures cannot be used to calculate how much tax he avoided paying from 1997 onwards.

Goldsmith’s taxable income since 2010 is more than £6m, the vast majority of which comes from a family trust set up by his billionaire father, Sir James Goldsmith. He has made a further £4.3m in profits from selling assets.

His average annual income over the last five years was £1.2m – 36 times the median salary of £33,203 for full-time workers in the capital, and putting him in the highest-earning 0.05% of UK taxpayers.

Goldsmith Sr was legally resident in France, so his estate could not be taxed in the UK. Non-domicile status is usually reserved for foreign nationals or people with roots overseas. It allows them to avoid tax on money earned outside Britain, unless they bring the money back into the country. When Goldsmith died in 1997 leaving a £1.2bn fortune, he passed on his non-dom status to his son and the fortune was placed in a trust run from Geneva for the benefit of his children.

Since 2010, Goldsmith Jr has paid £4.5m in tax on his income and capital gains – a rate of about 46%.

He has called on his rivals for the mayoralty – who include Labour’s Sadiq Khan and Respect’s George Galloway – to publish their own tax details. Khan is expected to publish his on Wednesday.

In a statement, Goldsmith said: “I have today published my tax return details, prepared and verified by PwC … I gave a commitment to do so and today I deliver on that promise. I look forward to all mayoral candidates doing the same so London voters can judge us equally.”

Neil Coyle, the Labour MP for Bermondsey and Old Southwark, said the published tax returns raised more questions. “They don’t explain any detail of the benefits he derived from his non-domiciled tax status or explain why he bought his London home through a Cayman Islands trust, he said. “Londoners deserve to know the full details of Zac Goldsmith’s tax affairs and the benefits he has derived from his non-domiciled status.”

Powered by Guardian.co.ukThis article was written by Rajeev Syal, for theguardian.com on Monday 22nd February 2016 17.33 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010