Tag Archives: Akshata

If Sunak wanted to resign over tax affairs, why stay after being named a criminal?

The face of avarice: Rishi Sunak isn’t staying on as Chancellor after being named as a criminal because he wants to “deliver” for the nation; he wants something for himself. What?

In the sphere of Tory corruption, this must be fruit from a low-hanging branch – but did it occur to you?

Rishi Sunak came under sustained pressure last week after his wife Akshata Murty was exposed as having avoided paying millions of pounds in UK tax by claiming non-domiciled status.

It was then revealed that Sunak himself had been able to avoid paying UK tax for years after becoming a UK member of Parliament because he had a United States Green Card. He only gave up the privilege after having been Chancellor of the Exchequer for a considerable amount of time.

According to the Sunday Times, Sunak considered quitting, although another source told Reuters that he didn’t. You pays your money and you takes your choice.

The weirdest part of this story is that Ms Murty, who is allegedly richer than the Queen, would agree to pay taxes to keep Sunak in a job that pays only around £150,000 per year.

People like her don’t do things like that – they harm her bank balance – unless there is something in it for them. The question is: what?

And now Sunak himself has been named as a criminal by the Metropolitan Police (the fixed penalty notice he has received for attending one of the infamous Downing Street parties is a criminal sanction, meaning in the eyes of the law he has committed a crime).

The Tory government, the UK’s Parliament, and the nation as a whole are disgraced by this man.

He decided unilaterally that he was above the law that was bringing many thousands of pounds in fines to his Treasury.

He decided he was happy to inflict misery on the families of the thousands of people who died with Covid-19 – alone, because of his government’s demands – but wouldn’t dream of putting up with those restrictions himself.

And now he has decided that he doesn’t have to accept the consequence of being a criminal.

So – again – we should ask why Sunak is deciding to continue in a role he has disgraced by his criminal behaviour.

As with his wife’s earnings, Sunak doesn’t do anything in his career that does not make him a fat profit.

So the big questions are: what’s in it for him? And what is he doing in order to achieve it?

Source: UK’s Sunak considered resigning over tax criticism – Sunday Times

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Sunak’s non-dom wife to pay UK tax on overseas income after being dragged to it

Rishi Sunak: I use this image a lot because I think it looks like his “nervous” face. Trouble is, it might also be his “angry” face. 

UK Chancellor Rishi Sunak’s non-domiciled wife Akshata Murthy has agreed to pay tax in the UK on her overseas income after he came under fire for it.

Her decision to change her tax arrangements follows accusations of hypocrisy against the chancellor, with opposition parties saying Mr Sunak’s family is benefiting at a time when the cost of living is going up.

The BBC estimates Ms Murty would have avoided £2.1m a year in UK tax through her non-dom status.

Ms Murty said her tax arrangements had been “entirely legal”, but added: “It has become clear that many do not feel it is compatible with my husband’s role as chancellor.

“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,” she said.

It’s the right choice – but This Writer can’t help thinking it’s for the wrong reason.

As the wife of the UK’s Chancellor of the Exchequer, Ms Murthy was rightly expected by the people of the UK to accept the same tax conditions as were being forced on us by her husband,

But it never occurred to her to do that. She had to be dragged to it.

This happens with politicians – and I’m not going to blame just the Tories for it – and those connected to them, all the time.

She was happy to take dividends from one of her companies based in Russia, while the rest of us were sanctioning that country and its businesses – until she was found out.

She was happy to avoid UK tax by claiming non-dom status – until she was found out.

And it does reflect poorly on Sunak himself; he must have known that it was not a reputable way to behave but he allowed it to happen all the same.

And then he tried to brazen it out by claiming he was being discredited by proxy and that his wife was being used to attack him.

He knew that his job made it wrong. If he didn’t, he should not be in that job – or in Parliament.

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Nobody needs a plan to discredit Rishi Sunak – they only have to quote his record

Campaign to discredit: is Kwasi Kwarteng trying to destroy Rishi Sunak? Or does the Chancellor deserve all the criticism he receives after raising our taxes but (allegedly) avoiding paying his own while his wife did the same?

Rishi Sunak is trying to curry sympathy from the public by pretending that somebody has launched a campaign to discredit him by linking him with the way his wife avoids paying UK tax.

He is – as in so many of his political choices – completely wrong.

Nobody needs to use his wife to discredit Sunak – they only need to look at his own decisions:

  1. He vetoed a plan to save the poorest families from soaring energy bills, according to a government leak.

Three options were put forward: increasing the £200 loan payment for all households (to be paid in the autumn) to “£500 or more”, either for all households or for the poorest; delaying repayment of the £200, which the Treasury is saying must be repaid at the rate of £40 a year over the following five years; or exempting the poorest homes from the need to repay at all, turning the loan into a grant.

Sunak apparently refused to consider any of these options, which are said to have come from Kwasi Kwarteng’s Business, Innovation and Skills Department. If he really does think fellow members of the government are briefing the press against him, then Kwarteng seems a likely candidate for suspicion.

2. He blocked plans to reduce millions of energy bills by making homes more energy efficient, according to another government leak.

It seems both Downing Street and Kwarteng’s team were hoping for an expansion of the Energy Company Obligation (Eco) scheme to be included in this week’s energy security strategy, with £200 million extra per year meaning the scheme could be expanded beyond only those receiving benefits to thousands more people.

Sunak apparently rejected the ideas because he is sticking to pledges he made in autumn 2021 – even though inflation means his tax take is around two-and-a-half times what he expected to make from those proposals and he is entirely capable of doing as suggested.

3. He has benefited from his non-dom wife’s ability to avoid paying UK tax while increasing the tax burden on the rest of us to its highest level since World War 2.

As Akshata Murthy’s husband, Sunak shares his household with her and must, therefore, enjoy some of the benefits of her income. As a non-dom living in the UK, she has been able to avoid paying an estimated £2.1 million per year.

Sunak himself is said to have held a US Green Card, which allows people to live and work permanently in the United States but demands that he pay US tax on his worldwide income, until October last year – long after he became Chancellor in 2020 – meaning he may have avoided paying UK tax for the more-than-four years between that date and his joining the government in 2017.

Meanwhile, by freezing the thresholds at which people move into different tax bands, Sunak has ensured that more people are paying Income Tax at higher rates; he has also introduced a 10 per cent increase in National Insurance payments. The tax burden on UK citizens who have no choice other than to pay up is now at its highest level since the mid-1940s.

It’s a filthy record; it reads more like a charge sheet than a history of achievements.

But Rishi Rich still wants you to believe he and his wife are being smeared by malicious colleagues.

Isn’t it more accurate to say that the skeletons in his closet are coming to light at last?

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Why is Rishi Sunak’s wife allowed to avoid tax by claiming non-dom status?

Slimy: Sunak.

Insult upon injury: remember the indirect income Rishi Sunak was getting via his wife’s interest in a company connected to Russia? It seems she wasn’t even paying tax on it!

So Sunak has saved millions of pounds from his own family’s tax bill while piling massive tax hikes on the hard-working people of the UK.

What a shocking betrayal of his duties as Chancellor.

Here are the facts as they are understood at the time of writing:

Rishi Sunak’s millionaire wife has claimed non-domicile status in order to save on her tax bill while her husband was chancellor.

Akshata Murthy, whose family business is estimated to be worth around £3.5bn, has continued to use the valuable tax status even after Mr Sunak was put in charge of setting taxes for the country in February 2020, according to two people familiar with her financial arrangements.

So-called ‘non-dom’ status is entirely lawful and can save an individual from paying UK tax on income from dividends from foreign investments, rental payments on property overseas or bank interest. The status also means that you avoid UK inheritance tax.

The decision to pay less tax through non-dom status is optional.

It is not known exactly how much has been saved by Ms Murthy but sources told The Independent it could have saved her millions of pounds in tax on foreign earnings over several years.

In a statement issued after publication, a spokesperson for Ms Murthy claimed that she had to use non-dom status because of her Indian citizenship.

The spokesperson 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.”

Doesn’t look good, does it?

The Independent article provides an analysis of what Ms Murthy could have saved, in comparison with what a UK citizen would have paid, on her Infosys income:

Dividends from Infosys calculated from Ms Murthy’s stake in the company, of 0.93 per cent – worth approximately £725 million based on recent market valuations – suggest the payments could have totalled around £11.6 million in the past year.

As a non-dom, Ms Murthy would not have had to pay tax on these dividend payments in the UK. That compares to an ordinary UK resident, who, paying tax on dividends at the so-called ‘additional rate’ (for all dividend payments over the personal allowance) would have to pay tax of 38.1 per cent on the payouts.

The special status could therefore have saved her a bill of around £4.4m in tax, although she may have incurred tax liabilities overseas.

There you have it.

Sunak seems to have enjoyed huge – indirect – tax breaks through his wife while inflicting the highest tax burden in more than 70 years on the rest of us.

If she’s only allowed to be Indian, is it time Ms Murthy slunk back there, taking her slimy husband with her?

Source: Revealed: Rishi Sunak’s millionaire wife avoids tax through non-dom status | The Independent

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Firm connected to Rishi Sunak’s wife is closing Russia office. Lucky escape, Chancellor!

Rishi Sunak: his government has sanctioned firms that operate in, and profit from, connections with Russia, but he had continued to benefit indirectly from his wife’s shares in Infosys, which has an office in Russia. Now that office is to close.

Technology firm Infosys, in which Rishi Sunak’s wife owns shares worth an alleged £400 million, is closing its office in Russia after the Tory Chancellor suffered sustained criticism.

Sunak had tried to claim that it was his wife Akshata Murthy who had been attacked for having a connection with the firm and compared himself to Hollywood actor Will Smith, who slapped comedian Chris Rock for a joke at his own wife’s expense during the Academy Awards ceremony a few days ago.

But it seems nobody was convinced. They were angry with Sunak because, as a member of a government that has sanctioned firms that operate in, and profit from, connections with Russia, he should not have anything to do with such firms.

Because his wife had shares in Infosys, Sunak was indirectly profiting from a connection he should not have.

His decision to hide behind Ms Murthy was disgraceful.

But now, after refusing to take any action to resolve the issue, it seems he has been saved by Infosys itself.

What a lucky escape for him.

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