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It also says that Mr Hammond, who is worth £7 million, has ‘not received a penny’ from the firm, Castlemead, in salary, instead receiving cash in the form of share dividends – a tax-efficient measure used by the wealthy.The programme asks why Mr Mitchell, ‘whose job is to alleviate world poverty’, has made large returns on investments in the British Virgin Islands, another tax haven.
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He did so after the 50p rate was announced but six months before it came into effect in April.
The programme estimates that the move saves him more than £26,000 a year.
Last night Mr Hammond explained that he had transferred his shares to his wife because he was expecting to enter Government and knew that ministerial rules barred him from holding shares.