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Jeremy Corbyn and George Osborne release tax returns

David Cameron also hit out against 'hurtful' allegations against his late father.

By STV News

Published 11 Apr 2016.

Chancellor George Osborne and Labour leader Jeremy Corbyn have published their tax returns for last year.

The publication of Osborne's records comes after David Cameron said earlier today he believes it is right for prime ministers, "potential prime ministers", chancellors and shadow chancellors to "show greater transparency" by publishing information about the taxes they pay.

The Chancellor's tax return shows a salary of £120,526, £3 of bank interest and a rental income of £33,562 from letting out his London family home.

He also receives dividend income relating to shares in Osborne and Little Group Limited - a UK resident manufacturing company of wallpapers and fabrics that was founded by his father.

The document states: "Compared to his publicly available gross salary as Chancellor of the Exchequer and as an MP (£134,565), the figures shown here include deductions for employee pension contributions and additional liabilities to cover the utilities for the flat in Downing Street.

"This latter item is, effectively, a charge on the private benefit of accommodation in Downing Street; we understand this is a long-standing practice."

The Labour leader's tax return showed he declared £1850 in additional income beyond his Parliamentary salary.

The 66-year-old stated that he received £70,795 from the House of Commons, from which he paid £18,912 in tax.

He received no income from dividends or from rental property and was fined £100 for submitting his return a week late.

David Cameron hit back in the Commons on Monday at "deeply hurtful and profoundly untrue allegations" against his late father in the tax affairs row.

The prime minister's personal financial records revealed he was given a £200,000 gift, which could potentially avoid inheritance tax, by his mother after his father's death.