Exclusive: Paddick Did Not Disclose £387,239 Met Pay-Off
‘Ello ‘Ello ‘Ello, Paddick Hides Evidence of Tax-Free Lump-Sum

While most of the focus has been on Ken and his lack of transparency recently, Guido did wonder why the LibDem candidate Brian Paddick only released the last three years of his financials, unlike the four years from the others. Guido has worked out why…

In the missing fourth back year (2007/8) Brian Paddick received a large lump sum as part of his leaving package from the Met. Whilst the debate about public sector pensions can be saved for another day and Guido can’t have a go at Paddick for accepting what was rightfully his, however absurdly generous it was, it was a little rum to deliberately try to hide the evidence. Guido and his bean counting co-conspirators have worked out that this pay off would have been just shy of £400,000. Tax free…

His campaign initially refused to comment on the figures. However we know that Brian Paddick earned £125,667 as Deputy Assistant Commissioner of the Met and he is on the 1987 Police Pension Scheme. His healthy pension is two thirds of his final salary (£83,778). The key figure is how much he commuted from an annual income into a lump sum and what commutation factor was applied…

Paddick retired at age 49 years and 1 month, so his commutation factor is 19. (Whilst the commutation factors are said to be from 1 October 2007, these were later backdated to 1 December 2006 following a judicial review.) From the figures that Paddick did release, we know that he receives an annual income from his pension of £63,397. Therefore he commuted the following amount (in terms of annual income forfeited) £83,778 – £63,397 = £20,381. So multiply that £20,381 by 19 and we get £387,239. And in a perk of the job this is tax free...

Guido suspects that in 2007/8 Paddick’s effective rate of income tax was even less than Livingstone’s 14.5%. In response to this figure a spokesman for Brian Paddick said: “All Mayoral candidates agreed to publish their tax details from the last Mayoral election in 2008. Brian has fulfilled this commitment, unlike certain other candidates.” The agreement was four years if we are going to be picky…



Tip offs: 0709 284 0531
team@Order-order.com

GuidoFawkes Quote of the Day

Andrew Neil on the dying Dead Tree Press

“I read more bloggers now than mainstream columnists, because they’ve got more interesting things to say. Too many columnists today make you think, ‘Yeah, I think you’ve said that 10 times before and I’ve just noticed your column has not go a single fact in it’”.

Top Posts This Week

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

Another NHS Hospital Shamed Another NHS Hospital Shamed
Widespread and Habitual Hacking at the Mirror Widespread and Habitual Hacking at the Mirror
Will Straw Silent on Sleaze Will Straw Silent on Sleaze
When Dave Met Walliams When Dave Met Walliams
Home Office: Nerdy Kids are Dangerous Home Office: Nerdy Kids are Dangerous
Jim Murphy Is Laughing At You Jim Murphy Is Laughing At You

Awesome Star Wars Tie Fighter Drone Awesome Star Wars Tie Fighter Drone
Labour Select Palestine Activist to Fight Galloway Labour Select Palestine Activist to Fight Galloway
Watch Our Boys Blow Up Evil ISIS Scum Watch Our Boys Blow Up Evil ISIS Scum
Cassetteboy’s February Mash-Up Cassetteboy’s February Mash-Up
Buzzfeed Bias Buzzfeed Bias
Campbell Sells His Sol Campbell Sells His Sol
Jowell Jobs Hypocrisy Jowell Jobs Hypocrisy
Miliband’s Nick Clegg Moment Miliband’s Nick Clegg Moment
Green Party take cash from Tax Efficient Westwood Green Party take cash from Tax Efficient Westwood
65% of UK Laws Made in Brussels 65% of UK Laws Made in Brussels
Tory Spex Scandal Tory Spex Scandal
House of Cards Fever House of Cards Fever
Follow

Get every new post delivered to your Inbox.

Join 1,812 other followers