The Prime Minister paid over 35% in income tax in the 2024 tax year, while his deputy paid an effective rate of 25%
Downing Street has published a summary of Keir Starmer, Rachel Reeves and Angela Rayner which details the salaries of each of the Labour Party members, and any additional income.
Starmer’s income was £152,255, split between his regular MP employment income of £81,390, the additional salary for being leader of the opposition which equated to £49,193, and further benefits totalling £16,000.
On tip of this the Prime Minister earned £498 from self employment, as well as earning £5,174 in bank interest from his savings account. In total the Prime Minister paid £54,718 in income tax for the year end 5 April 2024.
Stamer effectively paid a tax rate of 35.9%, considerably different to that of his predecessor at No 10. Former Prime Minister, Rishi Sunak, paid £508,308 in taxes on a total income of £2.2m, an effective tax rate of 22.8%.
Starmer’s tax return is significantly different to his last tax return which saw him pay £100,000 after his capital gains tax shot up due to the sale of land.
Deputy Prime Minister Angela Rayner’s tax return summary also showed a higher tax rate to what Sunak previously paid. She paid £21,514 on her total income of £85,205, which works out at just over 25%. Rayner’s base salary for her position was £76,955 and received an additional £8,250 in ‘other benefits’ received from third parties.
Reeves’s income tax rate was slightly higher at 26.3%, earning the same base salary as Rayner, but earning £12,372 from self employment and £2,367 from other benefits also. The self employment income came from book royalty and advance payments, and audiobook fees, while the chancellor also earnt £64 in bank interest.
Reeves published The Woman Who Made Modern Economics in October 2023.