They're all in it together! Tory rich list are big winners from 50p cut

David Cameron, Boris Johnson – and George Osborne himself – will reap Budget rewards

David Cameron and his wife Samantha are likely to save thousands of pounds in tax as a result of George Osborne's decision to scrap the 50p rate of tax. An analysis of their earnings suggests that the Camerons' could gain up to £5,000 a year as a result of the controversial tax cut for those who earn more than £150,000 a year.

At least five other Cabinet ministers are also thought to have personally benefited, along with the Mayor of London Boris Johnson.

There were also questions asked about George Osborne's claim yesterday that he will not be personally affected by the cut in the top rate of tax, which was 50p in the pound – but which he has cut to 45p.

On paper Mr Osborne would appear to have rental income from property that would push him into the highest tax bracket. However, it is possible that because the income was only declared in July he is not paying the 50p rate yet – but would have had to do so if it had remained in place. But Mr Cameron and his family are clear winners. Although he earns £142,000 as Prime Minister (below the 50p threshold), his salary is not his only form of income.

When he entered Downing Street Mr and Mrs Cameron began renting out their £2.7m house in Notting Hill, London. Estate agents have estimated that would net him around £50,000 to £70,000 a year (minus expenses and wear and tear) which would have to be added to his salary for tax purposes.

Taken with his £142,000 salary, that would give him a maximum income of £212,000, on which he would soon be paying 5 per cent less on £62,000 – a saving of around £3,000 a year.

Samantha Cameron may also benefit. Before the last election she was thought to be earning around £400,000 working as creative director of the upmarket stationers Smythson.

Since the last election she has cut her commitments – but if she was earning half that amount she would still be saving around £2,500 from the tax cut. While the precise details of the Cameron's tax affairs are unknown, Downing Street sources last night would not confirm that Mr Cameron was affected by the 50p tax rate.

Aides were said to be "deeply concerned" by how Mr Cameron's tax affairs will look to the general public.

The other big winner of the changes is Boris Johnson who is up for re-election in May. He receives a salary of a £140,000 as Mayor as well as £250,000 a year for his weekly column in the Telegraph which he once memorably described as "chicken feed".

Like other top rate tax-payers he could off-set some of the liability through pension and charitable contributions, but he is still likely to have made a substantial tax saving on the changes – possibly as much as £10,000 a year.

Another minister who could benefit is Jeremy Hunt, the Culture Secretary. Like other Cabinet ministers he receives a salary of £134,000 but on top of this he declares a half-share of a holiday house in Italy, from which he gets rental income and a half-share of an office building in Hammersmith which is also rented out.

He also retains 50 per cent of the shares in Hotcourses, an educational company he jointly founded. However dividends from these shares are taxed separately so would not be covered by the £150,000 tax threshold.

Last night ministers said that, while salaries were a matter for public record, along with relevant interests declared in the register, all other aspects of their finances were a "private matter".

However Francis Maude, Andrew Mitchell, David Willetts, Dominic Grieve, Owen Patterson and Lord Strathclyde all declare rental income in the Register of MP's interests. In order for them not to benefit from the 50p tax cut they would have to earn less than £1,250 a month in rental income.

Thanks, George: The rich get richer

David Cameron

As PM he earns £142,500 but he also rents out his former home for up to £70,000. The tax changes are likely to save him £3,000 - £5,000 a year.

Boris Johnson

Paid £140,000 as Mayor plus £250,000 a year for column in the Telegraph. The new tax rate could save him as much as £10,000 a year.

Jeremy Hunt

A millionaire outside politics, he owns a half-share of holiday house in Italy that is rented and a half-share of a London office, also rented. Almost certain to benefit.

George Osborne

Earns £134,565 and has recently started renting out his £2m Notting Hill home, so would have been hit by tax rate next year.

Philip Hammond

Reportedly worth £7.5m, but does not pay 50p tax rate at present as shares have not paid dividends in the last two years.

Lord Strathclyde

Family firm controls land worth £6m. Member of Lloyd's of London. Likely to benefit from the tax cut.

Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
2015 General Election
May2015

Poll of Polls

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Ashdown Group: Senior Accounts Assistant - Accounts Payable - St. Albans

£26000 - £28000 per annum + benefits : Ashdown Group: Senior Accounts Assistan...

Ashdown Group: Treasury Assistant - Accounts Assistant - London, Old Street

£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...

Recruitment Genius: Installation and Service / Security Engineer

£22000 - £40000 per annum: Recruitment Genius: This company is part of a Group...

Recruitment Genius: Service Charge Accounts Assistant

£16000 - £18000 per annum: Recruitment Genius: Are you a a young, dynamic pers...

Day In a Page

General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband

Chuka Umunna: A virus of racism runs through Ukip

The shadow business secretary on the benefits of immigration, humility – and his leader Ed Miliband
Yemen crisis: This exotic war will soon become Europe's problem

Yemen's exotic war will soon affect Europe

Terrorism and boatloads of desperate migrants will be the outcome of the Saudi air campaign, says Patrick Cockburn
Marginal Streets project aims to document voters in the run-up to the General Election

Marginal Streets project documents voters

Independent photographers Joseph Fox and Orlando Gili are uploading two portraits of constituents to their website for each day of the campaign
Game of Thrones: Visit the real-life kingdom of Westeros to see where violent history ends and telly tourism begins

The real-life kingdom of Westeros

Is there something a little uncomfortable about Game of Thrones shooting in Northern Ireland?
How to survive a social-media mauling, by the tough women of Twitter

How to survive a Twitter mauling

Mary Beard, Caroline Criado-Perez, Louise Mensch, Bunny La Roche and Courtney Barrasford reveal how to trounce the trolls
Gallipoli centenary: At dawn, the young remember the young who perished in one of the First World War's bloodiest battles

At dawn, the young remember the young

A century ago, soldiers of the Empire – many no more than boys – spilt on to Gallipoli’s beaches. On this 100th Anzac Day, there are personal, poetic tributes to their sacrifice
Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves

Follow the money as never before

Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves, reports Rupert Cornwell
Samuel West interview: The actor and director on austerity, unionisation, and not mentioning his famous parents

Samuel West interview

The actor and director on austerity, unionisation, and not mentioning his famous parents
General Election 2015: Imagine if the leading political parties were fashion labels

Imagine if the leading political parties were fashion labels

Fashion editor, Alexander Fury, on what the leaders' appearances tell us about them
Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

The architect of the HeForShe movement and head of UN Women on the world's failure to combat domestic violence
Public relations as 'art'? Surely not

Confessions of a former PR man

The 'art' of public relations is being celebrated by the V&A museum, triggering some happy memories for DJ Taylor
Bill Granger recipes: Our chef succumbs to his sugar cravings with super-luxurious sweet treats

Bill Granger's luxurious sweet treats

Our chef loves to stop for 30 minutes to catch up on the day's gossip, while nibbling on something sweet
London Marathon 2015: Paula Radcliffe and the mother of all goodbyes

The mother of all goodbyes

Paula Radcliffe's farewell to the London Marathon will be a family affair
Everton vs Manchester United: Steven Naismith demands 'better' if Toffees are to upset the odds against United

Steven Naismith: 'We know we must do better'

The Everton forward explains the reasons behind club's decline this season
Arsenal vs Chelsea: Praise to Arsene Wenger for having the courage of his convictions

Michael Calvin's Last Word

Praise to Wenger for having the courage of his convictions