Panama Papers: UK's Osborne publishes tax return

UK Finance Minister George Osborne has published his tax return for the 2014/15 tax year, a day after Prime Minister David Cameron revealed his financial details in the wake of the Panama Papers documents leak.

The return shows Osborne made £198,738 and paid tax of £72,210 in the year. A breakdown revealed he made £33,562 from his 50% share of the rent on his London home. His wife received the other half share.

Osborne also received £44,647 in dividends from his family's upmarket wallpaper and decorating company Osborne & Little.

"The dividends are derived from shares that the Chancellor of the Exchequer owns directly, and also as life tenant of a family trust, based and resident in the UK which holds, as its sole asset, shares in that company.

The Chancellor of the Exchequer (Finance Minister) paid income tax on these dividends," according to the return prepared by Osborne's accountants HW Fisher and Co.

"The chancellor...had no other sources of income or capital gains, from either the UK or overseas and has no offshore interests in shares or anything else," it added.

The publication followed Cameron's decision to publish tax records from 2009-15. He has come under intense pressure to clarify his financial affairs after it was revealed that he benefited from an offshore investment fund set up by his late father Ian.