Sajid Javid has admitted that he paid no UK tax on his overseas earnings for six years while he was a banker earning up to £3 million a year.
The Health Secretary said that between 2000 and 2006 he claimed non-dom status, which he was entitled to as his father was born in Pakistan.
In a statement on Saturday night, he also said that he made money from an offshore trust while working at Deutsche Bank 20 years ago, which he has since collapsed when he became a minister.
Last week Mr Javid said that there was a “moral” duty for people to pay more tax in the form of the rise in National Insurance to pay for the NHS and social care.
He told the Sunday Times: He said: “Prior to returning to the UK and entering public life, some of my financial investments were based in an offshore trust.
“While this was an entirely legitimate arrangement, on becoming a minister in 2012 I decided to voluntarily collapse that trust, repatriate all assets to the UK and pay 50 per cent income tax on those assets.
“This approach deliberately incurred the heaviest possible tax burden, and offset any accrued benefits from the previous trust arrangement, but I believed it was the right thing to do.”
