Why are UK Chancellor Rishi Sunak and his wife under pressure over their taxes? – BBC News

An inquiry is under way into how details of UK Chancellor Rishi Sunak’s wife’s tax affairs were leaked to the media.

It must have been an interesting week around the breakfast table in the sunak household as the person who sets the tax rules for all of us the tax arrangements of the chancellor’s own wife have dominated the headlines why well akshata murti is rich very rich her father founded the indian tech giant infosys and she owned shares worth nearly 700 million pounds last

Year she received dividends on those shares of 11.6 million now despite having three homes in the uk if you include downing street she is not resident in the uk for tax purposes she’s a non-dom which means she doesn’t have to pay uk tax on income earned overseas for miss murty that non-dom status means she’s paid around two million pounds a year less intact than

She would have done as a uk citizen now up to about 48 hours ago the chancellor said the arrangements of his wife a private citizen had nothing to do with his role as chancellor it was a part of a campaign he said to smear my wife to get at me is awful but that position has changed yesterday afternoon miss murty issued a rare personal statement first seen by the

Bbc in which she said many feel my status is incompatible with my husband’s role as chancellor she went on to say i understand and appreciate the british sense of fairness however she is retaining her non-dom status and that has future tax implications it means her family can choose to pay inheritance taxi in the uk at 40 percent or at zero in india which abolished

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Inheritance tax in the 1980s at current values that could save her family at least 280 million pounds now this is all perfectly legal there are thousands of non-doms in the uk it was introduced by pit the younger at the end of the 18th century and it’s been offered to rich people ever since to encourage them to live work and spend money here in the uk nevertheless

It is very uncomfortable for a chancellor who has final oversight on all tax matters here in the uk including the rules around non-doms and it’s raised and he’s raised overall taxes during the biggest squeeze on uk incomes since the 1950s now there’s a further twist in this tale it’s emerged that mr sunak and his wife both held green cards that’s a pass that allows

You to live and work in the united states it requires you to commit to the us as your permanent home mr sunak held onto this for 18 months after he was appointed the second most powerful politician in another country this one and although got no tax breaks he may have continued to pay taxes to the u.s government while in office here so what does his boss make of

All this i think it’s very important in politics if you possibly can to try to keep people’s families out of it what i will say is that uh rishi and i are working very hard on a massive long-term british energy security strategy that’s what we’re focused on and simon’s with me uh full support there i thought was quite interesting his choice of words there saying

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It’s a keep your family out of it wherever possible an admission perhaps that sometimes it’s not possible to keep your family out of it and this is one of those moments but

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Why are UK Chancellor Rishi Sunak and his wife under pressure over their taxes? – BBC News By BBC News