Why should this be shocking?
The party’s deputy chairman shocked colleagues when he revealed that he had not paid tax on his overseas fortune since becoming a member of the House of Lords a decade ago.
Nobody pays tax on their fortune because we do not have wealth taxation in this country, we have income taxation.
Further, we have income taxation on income that you actually take. Say you own a company which then owns other companies (not unusual for a rich man really). That master company gets income from those more junior companies. Through dividends, interest of capital gains.
As long as you don\’t take that money out of the master company no personal taxation is due*.
Are we really to assume that all of the journalists following this don\’t understand these simple points?
* It\’s a little more complicated than that yes, but not that much.