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Rishi Sunak’s Wife Tax Controversy - All you need to know

<br>Rishi Sunak, United Kingdomu2019s Indian-origin finance minister and the leading contender to succeed Prime Minister Boris Johnson, has been embroiled in a controversy after it was reported that his wife, Akshata Murty, may have evaded paying around Rs 197 crore in tax. Controversy has erupted in the United Kingdom over the non-domicile status of Akshata Murthy, the daughter of Infosys co-founder Narayana Murthy and wife of British finance minister Rishi Sunak. Due to her non-domicile status, Akshata Murthy, it has been reported, is likely to have avoided millions of pounds in UK tax.<br> <br>

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Rishi Sunak’s Wife Tax Controversy - All you need to know

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  1. Rishi Sunak’s Wife Tax Controversy: All you need to know Rishi Sunak, United Kingdom’s Indian-origin finance minister and the leading contender to succeed Prime Minister Boris Johnson, has been embroiled in a controversy after it was reported that his wife, Akshata Murty, may have evaded paying around Rs 197 crore in tax. Controversy has erupted in the United Kingdom over the non-domicile status of Akshata Murthy, the daughter of Infosys co-founder Narayana Murthy and wife of British finance minister Rishi Sunak. Due to her non-domicile status, Akshata Murthy, it has been reported, is likely to have avoided millions of pounds in UK tax. Akshata Murthy’s Background She owns around 0.93 per cent of Infosys with a value estimated last month of more than £500 million (Rs 4960 crore). She also has interests in several companies in the UK. The tax status means she need not pay taxes in Britain on dividends from the Indian business. Murthy has reportedly used the non-domicile status even after Sunak was put in charge of setting taxes for the country in February 2020. It’s not known how much has she benefitted by saving taxes but it could have saved her millions of pounds in tax on foreign earnings over several years. Rishi Sunak’s Wife Tax Controversy The controversy arose after it was revealed in British media that Akshata Murty had a non-dom tax status in the United Kingdom. This effectively indicates that dividends received from foreign corporations are exempt from taxation. Akshata earns around Rs 11.56 crore in annual dividends from her interest in Infosys, and she claims a non-dom tax status in the country, which allows her to avoid paying taxes on the annual dividend advantages she receives from her Infosys holding.

  2. Sunak, in his capacity as Chancellor of the Exchequer or Finance Minister, announced a series of tax increases that went into effect this month. So, at a time when the pandemic has caught everyone off pace and businesses are still reeling from the devastation, news that the Chancellor’s wife has been dodging British taxes has generated quite a bit of stir in the country.

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