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Akshata Murty: Chancellor's wife could save £280m in UK tax
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| Contributor | IndyGeorgia |
| Last Edited | IndyGeorgia Apr 08, 2022 12:09pm |
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| Category | News |
| Author | BBC |
| News Date | Friday, April 8, 2022 04:00:00 PM UTC0:0 |
| Description | Chancellor Rishi Sunak's wife could save herself £280m in UK tax thanks to a loophole created by a treaty between the UK and India dating from the 1950s.
Akshata Murty has "non-dom" status, meaning she does not have to pay UK tax on income earned abroad.
Non-dom status "wears off" after 15 years and the person is subject to all tax requirements of a UK citizen - including on their estate.
But there is an exception for Indian citizens around inheritance tax.
A technicality means that even if Ms Murty agrees to pay UK taxes on her worldwide income, but retains her non-dom status, she can still benefit from a provision in a 1956 treaty that was designed to stop Indian citizens being double-taxed on their estates in the UK and India.
Ms Murty earns money from shares in an Indian software giant founded by her billionaire father. |
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