‘Philip Hammond, the defence secretary, has denied a move to put a buy-to-let property into his wife’s name helped him to avoid paying the highest rate of tax.
An investigation by the Daily Mirror found the senior Conservative transferred a cottage out of his name and solely into his wife’s name almost two years ago. The newspaper alleged this could have helped lower his tax bill by keeping him out of the highest rate of tax for people who earn more than £150,000 per year, which was 50p and is now 45p in the pound. Cabinet ministers earn £134,565 each.
However, Hammond said this was not the case as his half share of rental income from the property would not have pushed him into the highest bracket.’
How the Rich Beat the Taxman
‘With more than 20 millionaires in the UK cabinet, reporter Antony Barnett examines the financial affairs of some ministers and others who have helped the government.
George Osborne says ‘we’re all in this together’ but are ministers and top Tories paying the same rates of tax as the rest of us?
Barnett visits a number of offshore tax havens around the world still under control of Britain, including the Cayman Islands and the British Virgin Islands, to find out more about tax avoidance ploys.’