What is really going on in politics? Get our daily email briefing straight to your inbox Sign up Thank you for subscribing We have more newsletters Show me See our privacy notice Invalid Email

Jeremy Corbyn insists there is "nothing missing, nothing hidden" in his tax affairs as Labour rejected claims he failed to declare £40,000 of income.

Mr Corbyn published details of his tax return last night on his website - after Chancellor Philip Hammond said he had no intention of doing so.

But there were questions about whether he had correctly declared all of his income.

The document said he earned £114,342 in 2015/16, on which he paid £35,298 in tax.

Mr Corbyn's tax return showed he earned £77,019 from all employments, £36,045 from UK pensions and benefits, £1,200 profit from self employment, and £78 in interest from UK bank and building societies during the period.

(Image: PA)

But there was confusion about his extra payments for being Labour leader.

Mr Corbyn is entitled to up to £63,098 a year as leader of the opposition on top of the basic £74,000 salary for MPs in 2015/16.

So did he declare it properly?

Yes.

It's here.

The confusion arose because he declared it not as salary, but as a benefit - under 'Public Office'.

You can read his whole tax document here and you'll find the payment on page three.

If he's entitled to more than £63,000, why has he only declared £27,000 of it?

The tax return is for the 2015-16 tax year.

Because Jeremy Corbyn was only elected leader in September 2015, he only earned the leadership uplift for part of the year.

And hang on, the Treasury said they paid him £30,000. Where's the other three grand?

The £27,192 figure is what Jeremy Corbyn saw on his P60 - his official document of what tax he's paid for the year.

It differs from the figure released by the Treasury outlining what they'd paid out to successive Labour leaders.

The confusion has arisen because Ed Miliband - and his successor - waived part of the uplift. The £63,098 figure is the maximum the Labour leader can claim for the job.

Here's what Corbyn's office had to say about that.

“The payment he received in 2015-16 as Leader of the Opposition of £27,192 appears on the return as a ‘benefit’ rather than as pay because that is how it is categorised by HMRC.

“This figure is calculated after deducting the waivers Jeremy has made of earlier increases to the benefit. These waivers were also made by his predecessor, Ed Miliband. A parliamentary pension contribution of £3,395 was also deducted (see note).

“We are disappointed the Cabinet Office did not clarify this and explain the figure used on the P60 yesterday in answer to media inquiries they received."

A-ha! A grand conspiracy of media bias to make Jeremy Corbyn look bad!

Not really.

It's a complex document, and quite unusual to report a salary uplift as a benefit rather than as salary. It's not wrong, just not entirely clear from reading the document.

What do Corbyn and his team say?

The Labour leader said: "Transparency invites scrutiny. I welcome it as should all those seeking highest office.

"My taxes fully paid, nothing missing, nothing hidden."

A Labour spokesman said: "Claims in some media that Jeremy Corbyn failed to declare £40,000 of income to the taxman are untrue.

"The extra payment following Jeremy's election as Labour leader of £27,192 is recorded in the tax return under the heading of 'public office'.

"We are confident the total income of £114,342 in the tax return is correct, as is the income tax charge of £35,298. Nearly all the tax was paid at source."

Will Philip Hammond release his tax returns?

Video Loading Video Unavailable Click to play Tap to play The video will start in 8 Cancel Play now

Nope.

Millionaire Tory Chancellor Philip Hammond refused point-blank to publish his tax return yesterday.

The MP snapped today when he was asked if he'd take the same move as his Labour rival to set an example ahead of the 2017 Budget.

"I have no intention of doing so," he told the BBC's Andrew Marr Show.

"Just for the record my tax affairs are all perfectly regular and up to date.

"But this demonstration politics isn’t helping to create a better atmosphere in British politics."