Former UK prime minister Tony Blair generated millions of pounds through a complex web of companies but paid a small share of this money in tax, according to the Sunday Telegraph newspaper.

A company set up by Blair to manage his business affairs paid £315,000 ($486,180) in tax last year on an income of more than £12 million. In that time, he employed 26 staff and paid them total wages of almost £2.3 million, the newspaper said. Blair stepped down as prime minister in June 2007.

The story – which goes on to state that there is “no suggestion” that Blair’s financial affairs are illegitimate – is an example of how there is increasingly intense media scrutiny on high net worth individuals’ tax affairs and the use of vehicles to minimise tax obligations.

He runs a business consultancy – Tony Blair Associates – which has deals with the governments of Kuwait and Kazakhstan among others, and is a paid advisor to JP Morgan and to Zurich International. Blair makes a further £100,000 a time from speeches and lectures, while also presiding over a number of charities including a faith foundation.

Documents also reveal that in the two years until 31 March, Blair’s management company had a total turnover of more than £20 million and paid tax of about £470,000. His finances are shown in accounts lodged by Windrush Ventures, just one of several companies and partnerships set up by the former prime minister.

Blair’s accounts are audited by KPMG.