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Home News

Too little too late? Reactions as Sunak’s wife responds to tax avoiding claims

"Blah blah blah, just PAY YOUR BLOODY TAX!"

Joe Mellor by Joe Mellor
2022-04-09 13:17
in News
Rishi tax Lord Moylan

Photo: Flickr

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Rishi Sunak and his family potentially saved tens of millions of pounds in taxes through his wife’s non-dom status, Labour has said as it sought to maintain pressure on the Chancellor.

Akshata Murty announced on Friday that she would pay UK taxes on all her worldwide income as she did not want her financial arrangements to be a “distraction” for her husband.

The dramatic move came after Mr Sunak had previously denounced the disclosure of his wife’s tax status as a “smear” by opponents intended to damage him politically.

It has been estimated that Ms Murty, a fashion designer and the daughter of an Indian billionaire, potentially saved up to £20 million in UK tax through the arrangement.

She is reported to hold a 0.91% stake in Infosys, an IT business founded by her father, and has received £11.6 million in dividends from the Indian firm in the past year.

Non-dom status means she would not have to pay UK tax at a rate of 39.35% on dividends.

India sets the rate for non-residents at 20%, but this can fall to 10% for those who are eligible to benefit from the UK’s tax treaty with India.

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Labour has also questioned whether she would use her Indian citizenship and a treaty with the UK dating back to the 1950s to avoid paying inheritance tax – a move which could reportedly save tens of millions of pounds.

Thread

In response, she wrote the following thread to explain her reasons:

1.

1/ Since arriving in the UK, I have been made to feel more welcome than I ever could have imagined, in both London and our home in North Yorkshire.

This is a wonderful country.

— Akshata Murty (@anmurty) April 9, 2022

2.

2/ In recent days, people have asked questions about my tax arrangements: to be clear, I have paid tax in this country on my UK income and international tax on my international income.

— Akshata Murty (@anmurty) April 9, 2022

3.

3/ This arrangement is entirely legal and how many non-domiciled people are taxed in the UK.

But it has become clear that many do not feel it is compatible with my husband’s role as Chancellor.

— Akshata Murty (@anmurty) April 9, 2022

4.

4/ I understand and appreciate the British sense of fairness and I do not wish my tax status to be a distraction for my husband or to affect my family.

For this reason, I will no longer be claiming the remittance basis for tax.

— Akshata Murty (@anmurty) April 9, 2022

5.

5/ This means I will now pay UK tax on an arising basis on all my worldwide income, including dividends and capital gains, wherever in the world that income arises.

I do this because I want to, not because the rules require me to.

— Akshata Murty (@anmurty) April 9, 2022

6.

6/ These new arrangements will begin immediately and will also be applied to the tax year just finished (21-22).

Until now, I have tried to keep my professional life and my husband’s political career entirely separate.

— Akshata Murty (@anmurty) April 9, 2022

7.

7/ Since Rishi entered parliament, he has not involved himself in my business affairs and I have left politics to him.

When I met him we were 24 year old business school students, living in another country, and had no idea of where life would take us.

— Akshata Murty (@anmurty) April 9, 2022

8.

8/ Rishi has always respected the fact that I am Indian and as proud of my country as he is of his.

He’s never asked me to abandon my Indian citizenship, ties to India or my business affairs, despite the ways in which such a move would have simplified things for him politically

— Akshata Murty (@anmurty) April 9, 2022

9.

9/ He knows that my long-standing shareholding in Infosys is not just a financial investment but also testament to my father's work, of which I am incredibly proud.

— Akshata Murty (@anmurty) April 9, 2022

10.

10/ My decision to pay UK tax on all my worldwide income will not change the fact that India remains the country of my birth, citizenship, parents’ home and place of domicile.

But I love the UK too.

— Akshata Murty (@anmurty) April 9, 2022

11.

11/ In my time here I have invested in British businesses and supported British causes. My daughters are British. They are growing up in in the UK.

I am so proud to be here.

— Akshata Murty (@anmurty) April 9, 2022

Rections

1.

We absolutely love you Akshata.
This beautiful gesture of you now paying UK tax is melting the hearts of many.
We know you and your husband Rishi are committed to this great nation.
Keep being the kind caring person you are and ignore those belittling you.
Proud of you.👏🇬🇧

— Sir Michael Take CBE (@MichaelTakeMP) April 9, 2022

2.

Interested to know why you were ever comfortable avoiding higher tax rate? Nothing illegal, but as a seriously rich person you wouldn’t even notice the extra tax being paid, so why didn’t you do so all along – thereby truly investing in this “wonderful country”that you so love?

— Lisa L Worth 🇪🇺🇺🇦 (@LisaLWorth1) April 9, 2022

3.

Wish you hadn't "invested in British businesses", to be honest. pic.twitter.com/WOUxiV23wE

— Shoaib M Khan (@ShoaibMKhan) April 9, 2022

4.

That’s lovely but your change of heart is a bit late in the day.
Your husband tells people not to invest in Russia but you continue to do so.
He oversees desperate poverty whilst you exploit tax avoidance schemes only available to the very rich.

— Ros Hutchinson (@ros_hutchinson) April 9, 2022

5.

Blah blah blah, just PAY YOUR BLOODY TAX! https://t.co/ovLi3IurMU

— ajg1962 🇺🇦 (@ajgreen1962) April 9, 2022

6.

Are we supposed to feel grateful? https://t.co/Tb5RmVPxV2

— Debs (@Debs2500) April 9, 2022

7.

It was so wonderful that you CHOSE not to contribute fully to its upkeep despite your husband’s increased taxes for many working people who can least afford to shoulder the added burden.

I guess there was a limit to your embrace of this ‘wonderful country.’

— Linda Stansbury 🇺🇦 🏴󠁧󠁢󠁳󠁣󠁴󠁿🌻🌻🌻 (@LStansbury) April 9, 2022

Related: Can Sunak survive? Viral thread outlines what Chancellor has done wrong

Tags: headlineRishi Sunak

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