Campaigners in Rishi Sunak masks criticise chancellor’s national insurance hike
Labour has called for chancellor Rishi Sunak to “urgently explain” how much his family has saved on tax bills after it was revealed that his millionaire wife Akshata Murthy has claimed non-domiciled status in order to save on her taxes.
Although it was not revealed exactly how much has been saved by Ms Murthy, sources told The Independent it could have amounted to millions of pounds in tax on foreign earnings over several years.
The “non-dom” status means that she does not have to pay UK tax on income from dividends from foreign investments, rental payments on property overseas or bank interest. The status also means a person avoids UK inheritance tax.
A spokesperson for Ms Murthy said: “Akshata Murty is a citizen of India, the country of her birth and parent’s home. India does not allow its citizens to hold the citizenship of another country simultaneously. So, according to British law, Ms Murty is treated as non-domiciled for UK tax purposes. She has always and will continue to pay UK taxes on all her UK income.”
Labour asks Sunak to explain wife’s non-dom status
Tulip Siddiq, Labour’s shadow economic secretary to the Treasury, has called on Rishi Sunak to “urgently explain how much he and his family have saved on their own tax bill” at the same time as raising taxes for millions of people during the cost of living crisis.
“The chancellor has imposed tax hike after tax hike on the British people. It is staggering that – at the same time – his family may have been benefitting from tax reduction schemes. This is yet another example of the Tories thinking it is one rule for them, another for everyone else,” she said.
Mr Sunak had raised the tax burden on UK residents to its highest level since the 1940s in his spring statement last month amid a sharp decline in the standards of living.
Alisha Rahaman Sarkar7 April 2022 05:31
Rishi Sunak’s millionaire wife avoids tax through non-dom status
Rishi Sunak’s millionaire wife Akshata Murthy has claimed non-domicile status in order to save on her tax bill while her husband was chancellor, The Independent has learned.
Although it is not exactly known how much Ms Murthy has saved, sources say it could have been millions of pounds in tax on foreign earnings over several years.
A spokesperson for Ms Murthy said: “Akshata Murty is a citizen of India, the country of her birth and parent’s home.”
“India does not allow its citizens to hold the citizenship of another country simultaneously. So, according to British law, Ms Murthy is treated as non-domiciled for UK tax purposes. She has always and will continue to pay UK taxes on all her UK income.”
Alisha Rahaman Sarkar7 April 2022 05:21
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Alisha Rahaman Sarkar7 April 2022 04:37