John McDonnell’s tax return.

This could be very embarrassing for our tax avoidance-loving Chancellor.

Here’s what Mr McDonnell – Osborne’s shadow in the House of Commons – has to say:

Since the Chancellor tweeted that the tax deal he struck with Google was a “major success” – despite potentially meaning an effective tax rate of around three per cent when most small businesses pay 20 per cent – many taxpayers will now be feeling angry when they fill in their forms.

When I heard about the Google tax deal, I immediately called for full disclosure and transparency of the deal, but George Osborne has refused.

Then the Prime Minister refused to support his Chancellor’s view that it was a “major success”.

This led to George Osborne spending the past week in hiding.

The Chancellor, the politician with sole responsibility for setting taxation, should be open and transparent about their own income.

That is why in the spirit of the “New Politics” I have taken the decision to publish my personal tax returns.

And I will do so every year while I seek to be and hopefully one day become Chancellor.

I think it is only fair that politicians set a good example. Especially those charged with or those who aspire to oversee the nations finances.

Source: ‘I’ll publish my tax returns and now it’s George Osborne’s turn to be transparent’ – John McDonnell – Mirror Online

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