Cameron has more tax questions to answer Corbyn says

David Cameron’s attempt to end the controversy over his financial affairs by publishing his tax return was called into doubt on Sunday when Labour leader Jeremy Corbyn insisted he had more questions to answer.

Mr Cameron took the unprecedented step of publishing his tax return — the first time a sitting prime minister has done so — revealing that he received taxable income of £200,000 in 2014-15 and paid almost £76,000 in tax.

But Mr Corbyn said parliament needed to know more about the prime minister’s financial affairs in the wake of the Panama Papers leak and will press the point when MPs return from their Easter break on Monday.

Mr Cameron’s attempt at damage limitation met with only limited success, with Sunday newspapers poring over the details of his financial affairs.

Most focused on the revelation that Mr Cameron received £200,000 from his mother Mary after his father Ian died in 2010, on top of his £300,000 inheritance.

The gift from his mother will be free of inheritance tax if she does not die within seven years of the gift being made, prompting the Mail on Sunday headline: “Cameron tax bill dodge on mother’s £200,000 gift.”

Although tax experts said such an arrangement was common among families doing inheritance tax planning, the headlines will make uncomfortable reading for a prime minister hoping to move the agenda on.

Mr Corbyn, speaking to the BBC, focused less on Mr Cameron’s inheritance and more on what benefit the prime minister derived from offshore investments before he took office in 2010.

Mr Cameron’s published tax returns go back to 2010, which was also the year he and his wife sold a £30,000 stake in Blairmore, the Panama investment fund set up by Ian Cameron.

Mr Corbyn said he also wanted to see details from Mr Cameron’s tax returns and to ensure that the prime minister had fully disclosed his relevant interests in the Commons register.

Although the Labour leader admitted he was not accusing Mr Cameron of wrongdoing, he said: “I think there’s a question for parliament here.”

Mr Corbyn also called for more financial transparency across the political system and suggested a Labour government would crack down harder on Britain’s offshore tax havens.

“We want openness on who owns companies, openness on trusts and a tax regime that’s reasonable so they all pay some kind of contribution,” he said.

Amber Rudd, energy minister, said Mr Cameron was leading the way on campaigning for more transparency in tax havens, that he had paid all relevant taxes on his investments and had done nothing wrong.

The prime minister has ordered a task force, led by HMRC, to look at cases raised by the Panama Papers.

The task force will also involve the National Crime Agency and investigators and financial compliance specialists from the Serious Fraud Office and the Financial Conduct Authority.

The initiative came after he admitted to Tory activists this weekend that last week had not been “a great week”. The prime minister took responsibility for the way he had responded to the Panama leaks.