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George Osborne doesn’t pay tippy toppy rate tax

GEORGE Osborne doesn’t pay the top rate of tax. Sounds about right.

His salary puts him close to it, yes. And then on top he’s got rental income plus possible dividends from shares in the family company (which, amusingly, I was offered a job in years ago).

The rental income will be pretty much offset by the mortgage interest relief he gets. No, you don’t get this on buying your own house any more, not if you live in it. But it’s obviously a business if you’re renting it out so you do indeed get to count the interest paid as a cost of doing business. There’s also the maintenance allowance. If I remember my own tax returns that’s 2% of capital value or something like that.

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Posted: 23rd, March 2012 | In: Money | Comments (2)