I don’t want my tax status to be a distraction for him: Rishi Sunak’s wife | world news

UK Finance Minister Rishi Sunak’s wife Akshata Murthy has agreed she will not escape UK tax on her overseas income, Reuters reported. Akshata Murthy owns around 0.93% of the capital of Infosys, the computer giant founded by his father Narayana Murthy. This put Rishi Sunak in a tough spot for more than one reason. While Sunak has urged British companies not to do business in Russia, Infosys continued operations in Moscow until recently. Amid this, reports have surfaced that Akshata Murthy does not pay tax on her foreign income to the UK government as she is not domiciled, indicating that Sunak, who is increasing the tax burden on people, may take advantage of the his wife’s tax. escape status.

Akshata Murthy released a statement on Friday saying she will pay UK tax on her aggregate income, including dividends and capital gains, for the 2021/22 tax year and going forward. “I understand and appreciate the British sense of fairness and I don’t want my tax status to be a distraction to my husband or affect my family,” she said.

His spokesperson claimed earlier that there was nothing illegal about what Akshata Murthy was doing. It has been claimed that as Akshata is an Indian, she has non-domicile status in the UK and pays government tax on her UK earnings.

Under fire, Rishi Sunak said his wife’s financial investments were separate from his own and that questions about his father-in-law’s wealth and his wife’s tax arrangements were politically motivated attempts to harm him. “Trying to smear him, smear my wife to get at me, that’s horrible, isn’t it?” he told The Sun newspaper.

What is non-domicile status?

Non-domiciled status exempts more than 75,000 foreign nationals, mostly in Britain, from overseas income tax. This tax status has been available since the French Revolution, allowing a person born in any other country to pay UK tax only on their UK sourced income.

“Is it fair to ask him to sever ties with India? »

Rishi Sunak had defended his wife’s tax status and questioned whether it would be fair to ask her to sever her ties with India, where she will eventually return to care for her parents. “It would not be reasonable or fair to ask her to sever ties with her country because she happens to be married to me. She loves her country. As I love mine, I would never think of giving up. to my British citizenship. And I imagine most people wouldn’t,” he said.

richer than the queen

Reports have emerged that Akshata Murthy’s share is worth nearly $1 billion, making her richer than Queen Elizabeth II, whose personal wealth is around 350 million pounds ($460 million). , according to the 2021 Sunday Times Rich List.

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