Sunak paid half a million pounds in tax last year, according to his tax returns
Rishi Sunak has published his personal tax return, showing he paid more than £500,000 in UK tax last year, as his total income rose to £2.2m.
The summary of the prime minister’s financial affairs was made public on Friday afternoon as parliament was in recess.
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The document shows he paid a tax bill of £508,308 in the financial year 2022-23 – around £75,000 more than what he paid in the previous year.
Mr Sunak made nearly £1.8m through capital gains – up from £1.6m in 2021/22 – as well as £293,407 in other interest and dividends.
Rishi Sunak’s tax return
All of the investment income and capital gains came from a US-based investment fund listed as a blind trust, according to the summary.
He also earned £139,477 from his roles as an MP and prime minister.
Critics pointed out that he paid the same effective tax rate as a teacher despite raking in millions more.
This is because most of his earnings were in the form of capital gains, which is taxed at a lower rate than income.
Rishi Sunak and his wife have a combined wealth estimated at about £529m. Pic: Reuters
The document shows the Tory leader’s total income was up 13% from the previous year, rising from nearly £2m to £2.2m.
It takes his total earnings over the last four years to about £7m.
He paid an overall tax rate of about 23% of his annual income – with the release of the document sparking calls for tax reform.
Tax expert Dan Neidle said: “What devious planning did he use to pay so little tax? Absolutely none. Most of that £2.3m is in the form of capital gains, and we tax capital gains on shares at only 20%.”
Robert Palmer, executive director at Tax Justice UK, said: “At the moment someone who earns most of their money from their wealth – like the prime ninister – pays a much lower tax rate than someone who relies on going out to work for their living. We need to fix this to make sure that income from wealth is taxed at the same rate as income from work.”
Labour MP Richard Burgon posted on X: “Our tax system is rigged in favour of the super-rich. It’s time to make them pay their fair share!”
Mr Sunak vocally backed the slashing of the top rate of capital gains tax (CGT) from 28% to 20% by the Tory government in 2016.
The top rate of income tax is 45%, and there have long been calls to make the system fairer.
Rather than a full tax return, Number 10 published “a summary” of Mr Sunak’s UK taxable income, capital gains and tax paid over the last tax year as reported to HM Revenue & Customs. It was prepared by accountancy service Evelyn Partners.
A summary of his tax affairs for the year 2021/22 was also published last March, showing the prime minister paid £432,493 in taxes that year.
Why did the prime minister publish his tax returns?
Mr Sunak first said he would publish his tax returns during his unsuccessful campaign to be Tory leader against Liz Truss in the summer of 2022.
The prime minister is thought to be one of the richest MPs in parliament and his personal wealth has long been used by opponents to attack him as being “out of touch”.
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Who is Rishi Sunak’s wife Akshata Murty – and why are her family so wealthy?
Mr Sunak and his wife, Akshata Murty, the daughter of the billionaire co-founder of Indian IT giant Infosys, have a combined wealth estimated at about £529m, according to 2023’s Sunday Times Rich List.
Pressure about their finances started piling on Mr Sunak while he was chancellor, after it emerged Ms Murty had non-dom status – meaning she did not have to pay UK tax on her international income.
Following a significant backlash, Ms Murthy announced she would pay UK tax on all her worldwide wealth to stop the issue from acting as a “distraction for her husband”.
However, the calls for the prime minister to release his tax details then grew louder following the controversy around Nadhim Zahawi, who was sacked as Tory Party chairman in January 2023 after he failed to disclose millions of pounds in tax.
Mr Sunak, a former investment banker and hedge fund manager has hit back at critics of his vast wealth, saying he “worked really hard for everything that I’ve got” and that those using it as a “political smear” lacked ambition for the country.
Chancellor Jeremy Hunt, whose tax summary was also published, paid a total of £117,418 in UK tax in 2022/2023.
His total income before tax was £416,605.
Labour leader Sir Keir Starmer is expected to follow Mr Sunak’s example by publishing his tax return.
Bilal Bin Saqib, head of Pakistan’s crypto council, announced on May 28 that the country is moving to establish a strategic Bitcoin reserve.
Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Saqib said the government of Pakistan followed the United States’ lead in establishing a Bitcoin strategic reserve and is embracing pro-crypto regulatory policies. The government official told the audience:
“Today is a very historic day. Today, I announce the Pakistani government is setting up its own government-led Bitcoin Strategic Reserve, and we want to thank the United States of America again because we were inspired by them.”
The announcement represents a significant departure from the government of Pakistan’s previous stance on cryptocurrencies, holding that crypto would never be legal in the country.
Pakistan’s shift reflects the broader trend of nation-states adopting pro-crypto policies following the regulatory shift in Washington, DC under the President Donald Trump administration.
Related: Pakistan appoints special assistant to PM on blockchain and crypto
United States Vice President JD Vance took the stage to deliver a keynote address at the Bitcoin 2025 conference in Las Vegas, Nevada, encouraging Bitcoiners to deepen their involvement in politics.
Vance highlighted the strategic and geopolitical importance of Bitcoin, emphasizing that the US should maintain leadership in the crypto industry to remain competitive in the age of digital finance. Vance told the audience:
“What happens in the world of politics, what happens in the world of bureaucracy, will affect even the most transformational and valuable technologies if we do not make the right decisions. The first thing that I would ask you, is to take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond.”
“Don’t ignore politics because I guarantee you, my friends, politics is not going to ignore this community, not now, and not in the future,” the vice president continued.
Bitcoin continues to gain institutional legitimacy and has been elevated to an asset class with macroeconomic and geopolitical importance. Market analysts and Bitcoin advocates warn that the global race to acquire BTC is underway between sovereign powers.
Related: Crypto czar Sacks says US could possibly ‘acquire more Bitcoin’
Nation-state Bitcoin adoption
Bitcoin maximalists and market analysts argue that high-stakes game theory compels nation-states to adopt BTC due to the downside or opportunity cost of not adopting the scarce digital asset as sovereign competitors do.
This alleged nation-state’s fear of missing out (FOMO) was amplified by US President Donald Trump’s pro-crypto stance, including the creation of a Bitcoin strategic reserve and a crypto advisory council.
The regulatory shift in the United States prompted other governments to indicate a possible policy reset on cryptocurrencies and Bitcoin.
The government of India, for instance, is reconsidering its crypto policies in response to regulatory changes in the US. India’s economic affairs secretary, Ajay Seth, said that digital assets do not care about borders.
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Opinion by: Scott Buchanan, chief operating officer of Bitcoin Depot
A new proposal to install Bitcoin ATMs in federal buildings highlights an important question: Can crypto truly go mainstream without a stronger physical presence? For years, the industry has focused on software and decentralization, but its reluctance to invest in real-world infrastructure is starting to show. Without physical access points, crypto risks becoming an exclusive, insiders-only system, rather than the open alternative it sets out to be.
Everyone loves to talk about decentralization. There’s a good reason behind this. It defines the movement, shapes the technology, and supports the vision of a better financial system. While the industry focuses on code and algorithms, it lacks something basic. A decentralized system that exists only online is not genuinely decentralized.
Physical infrastructure is the missing link
Bitcoin’s physical infrastructure is the missing link. Without tools like ATMs, kiosks and access points at traditional retail locations, crypto remains out of reach for millions. Decentralization is not just about removing intermediaries. True decentralization requires expanding access. Without real-world touchpoints, even the most advanced network becomes limited to a closed circle of insiders.
Recent: Arizona governor kills two crypto bills, cracks down on Bitcoin ATMs
For crypto to become mainstream, it must be easy to reach digitally and physically. That means showing up in places people already go and seamlessly integrating into people’s lives. Many groups in the American population still rely on cash or don’t have access to traditional banks. According to the latest Federal Deposit Insurance Corporation report, around 5.6 million American households don’t have a bank or savings account. Bitcoin ATMs give these users access without needing an app, a bank account or a crash course in blockchain. Most crypto tools today assume a level of financial fluency and infrastructure that millions simply do not have. The result is a digital-only ecosystem that locks out newcomers and widens the divide between early adopters and everyone else.
User-friendly screen in the right place
Physical infrastructure helps address this issue. A Bitcoin ATM in a grocery store or gas station is not just a convenience but a bridge to financial inclusion. It is an invitation to someone who has never bought crypto, telling them they can participate. No bank, no broker, just a user-friendly screen in a familiar place.
These machines also generate new economic activity. Local businesses benefit from increased foot traffic as the kiosks create passive revenue. For many communities, they provide access to a parallel financial system that was previously out of reach. This is a tangible example of crypto’s real-world utility. It is already happening, and it is measurable.
The crypto industry’s blind spot
The industry often treats physical infrastructure like an afterthought. The obsession with building new digital solutions has created a blind spot. Innovation without usability builds systems that serve the few but exclude the many. If someone can buy Bitcoin (BTC) at the same place they buy their morning coffee, that is when crypto stops feeling like an obscure digital asset and starts becoming part of everyday life.
As governments increase regulation, trusted and transparent interfaces will become more important. When operated within regulatory frameworks, Bitcoin ATMs offer a way to provide access between traditional finance and digital assets. They are familiar, easy to monitor and offer a more approachable entry point for the general public.
Like any financial tool, Bitcoin ATMs have drawn scrutiny, particularly in cases where bad actors use them. Rather than dismissing the machines themselves, we should focus on investing in better oversight, stronger consumer education and smarter regulation. The overwhelming majority of people who use Bitcoin ATMs do so for legitimate reasons: to send remittances, to move money securely or to access digital assets without traditional banking barriers. Building trust does not mean avoiding or dismantling physical access, but improving it.
The first time someone uses Bitcoin should not involve reading a white paper or navigating a tutorial. It should be as familiar as using an ATM or tapping a payment terminal. This is not an argument against innovation. Software and protocols will continue to evolve and play an important role. Physical infrastructure provides something those tools cannot: trust through presence. When people can see and use crypto in their neighborhood, at a store they already visit or in a format they already understand, it changes how they think about crypto and who it is for.
According to Coin ATM Radar, there are over 30,000 Bitcoin ATMs in the US. It’s a meaningful start, but still only a small step toward widespread access.
Crypto’s long-term success will depend not just on innovation but also on inclusion. That means building more than networks; it means building presence. When people can interact with crypto in the physical world, it stops being abstract and becomes usable. That is how digital finance becomes everyday finance.
Opinion by: Scott Buchanan, chief operating officer of Bitcoin Depot.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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