Tory mayoral hopeful Zac Goldsmith has pledged to publish his tax return after facing pressure over his finances.
The multi-millionaire Tory MP said he “fully anticipated” disclosing his records and called on his rivals in the City Hall race to do the same.
After a grilling on his former non-dom status, he insisted that he has always paid full tax on his income in the UK because he has always lived here. But Labour urged him to “come clean” over his history as a non-dom and the offshore trust that holds his wealth and property. On whether he will publish his tax return, he told BBC2’s Newsnight: “Of course I will and I think all candidates should in this election.
“If this is something the candidates agree to do, then of course I will do that. I fully anticipate doing that.”
He was quizzed over whether his own tax affairs will prevent him from speaking out about the activities of multi-national firms such as Google, which have been accused of tax avoidance.
Mr Goldsmith said on last night’s programme: “I have a huge family which covers every continent in the world. My father was an international businessman and established an overseas trust before he died. I am a beneficiary of that trust but it’s a blind trust and I have no control over it.
“What I do have control over is the income I get and that income is subjected to the full tax regime in the UK and has always been.”
He said non-dom status let individuals “make lifestyle choices to avoid paying tax”. But he insisted: “I’ve never been accused of not paying tax.”
The MP, whose wealth is estimated at between £200-£300 million, inherited his non-dom status from his father, billionaire financier Sir James, who died in 1997, leaving a £1.2 billion fortune — now in a discretionary trust run from Geneva for the benefit of his children.
Mr Goldsmith relinquished his non-dom status before becoming an MP. He and his wife are understood to have a mortgage with a high street lender for their home in Barnes. It was not clear whether Ormeley Lodge, the family home where his mother lives, or his West Country estate, which he sold in 2012, were ever owned by the trust.
Non-dom status, often seen as the preserve of the rich, means individuals pay tax on their UK earnings but not on any foreign income or foreign capital gains, for example if they sell shares or a second home.
Labour published a list of questions for Mr Goldsmith to answer on his finances, including how much tax he avoided during his 10-plus years as a non-dom.
It also asked what percentage of his income did not come from the UK and exactly what he had been referring to when he commented that he had gained “very few benefits” from the tax status. Labour mayoral hopeful Sadiq Khan has previously said that Mr Goldsmith’s wealth did not mean he could not empathise with Londoners’ experiences. However, he has also suggested that his Tory rival has not made the most of the opportunities life has afforded him.
Neil Coyle, Labour MP for Bermondsey and Old Southwark, said: “Zac Goldsmith needs to come clean about his non-dom status and the offshore trust he holds wealth and property in. It’s not enough to say he pays UK tax — that’s the minimum anyone expects of a candidate for Mayor.
“Londoners want to be assured that the Conservative candidate for Mayor is not using any loopholes to gain an unfair advantage.
“Most Londoners are happy to buy their home without the aid of offshore trusts. Why does Zac Goldsmith have to use one?”
