George Osborne has today bowed to public pressure to reveal his tax return, showing he had an income of almost £200,000 last year before paying £72,000 in tax.

George Osborne

George Osborne

Prime Minister David Cameron had previously published his tax return after it had been revealed he financially benefitted from offshore account money, after which Downing Street had effectively ordered the Chancellor to do the same.

The Prime Minister's spokesperson said that those in charge of the nation's finances should show "transparency", which led to Osborne's reveal.

She said: "If you think to who is in charge of the nation's finances, the Prime Minister takes the view that chancellors and shadow chancellors should show transparency too.

"But he is not recommending that it should be the same for everyone involved in politics."

Making £120,000 from his government role between 2014-15, Osborne also made £44,647 from his family's wallpaper firm and £33,562 from renting out his London home. This same amount of rental money was also recorded under his wife's name according to the Treasury.

Despite publishing the past year's records, he's now facing more questions after refusing to reveal records going back further than last year, with sources allegedly saying the Chancellor did not need to address "specific history questions".

Cameron's tax returns were revealed by Downing Street in a summary looking back over the past six years, as the Prime Minister made a last bid to restore some trust from the public after a terrible week of revelations regarding his links to his late father's offshore investment fund.

The summary showed Cameron received £300,000 from his father following his death in 2010, before receiving another £200,000 in a 'gift' from his mother. If the £500,000 had come from his father in one hit of inheritance, he could have faced inheritance tax of up to £80,000.

Current rules mean that if Cameron's mother lives for another two years, then David will not be liable for any inheritance tax on the £200,000 'gift'.

Jeremy Corbyn also published his tax return earlier today (April 11), with UKIP leader Nigel Farage the only main party leader flat out refusing to publish his documents.

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