Akshata Murty vows to pay UK tax and end ‘no-dom’ status

0

Multi-millionaire wife of RISHI Sunak has said she will pay UK tax on her overseas earnings after a backlash over her claim to non-domiciled status while living in London and Yorkshire .

Akshata Murty’s claimed “non-dom” status meant she didn’t have to pay tax on the £11.5 million in estimated annual dividends from her stake in India-based Infosys.

Murty is said to have paid an annual fee of £30,000 in order to retain his non-dom status and avoid paying UK tax on this and any other income from his overseas interests.

She said in a statement: ‘People have asked about my tax arrangements: to be clear, I paid tax in this country on my UK income and international tax on my international income. This arrangement is completely legal and how many non-domiciled people are taxed in the UK.

“But it has become clear that many do not think this is compatible with my husband’s role as Chancellor. I understand and appreciate the British sense of fairness and do not wish my tax status to be a distraction for my husband or affect my family.

“For this reason, I will no longer claim the remittance basis for tax. This means that I will now pay UK tax on the basis of all my worldwide income, including dividends and capital gains, wherever these income is generated in the world. I do it because I want to, not because the rules require me to. These new provisions will take effect immediately and will also apply to the tax year just ended. complete (21/22).

Responding to the statement, Labor MSP Daniel Johnson wrote: “‘The British sense of fair play’ normally means doing something because you know it’s the right thing to do, rather than doing something when you are embarrassed following the public revelation of your actions (or inaction).”

The news comes after Sunak admitted to holding a green card and filing US tax returns while serving as UK chancellor.

Sunak’s spokesman said he “immediately” returned the green card in October 2021 – a year and eight months after becoming chancellor.

Additionally, the Independent reported that Sunak was listed as a beneficiary of trusts in the British Virgin Islands and Cayman Islands tax havens while he was a minister.

The National: Dr Len O'Hagan (left) and Shadow Europe Minister Pat McFadden at Newry Morne and Down District Council hosted Brexit - The Great Debate on the implications of a UK exit from the EU at the Canal Court Hotel in Newry, Northern Ireland..

Pat McFadden (above), Labour’s shadow chief secretary to the Treasury, said: ‘This is extremely serious. We need answers urgently from the Chancellor as to why he has been linked to a tax haven.

“People are extremely worried about high taxes hitting them in the midst of a cost of living crisis.

“We already knew that the Chancellor had chosen to impose this financial pain on households this year to fund a pre-election Conservative tax pledge.

“Now we need full transparency about this and other stories about the Chancellor that have emerged over the past 24 hours.”

A spokesman for Sunak told this newspaper they “do not acknowledge” the allegations of use of tax havens, while a spokesperson for Murty declined to comment.

Share.

About Author

Comments are closed.