According to reports, Akshata Murty, wife of British Chancellor Rishi Sunak, was questioned about using her "non-British tax domicilation" status to evade taxes in the UK, calling her birthplace India her "final resting place".
(Rich Sunak on the left and Akshata Murti on the right)
Data shows that 41-year-old Akshata Murti's personal assets have reached 725 million pounds, which is richer than Queen of England, which is rumored to be worth 350 million pounds. But because he claims that he is not a permanent resident of the UK, he does not need to pay taxes on foreign income in the UK, but in India. If she pays taxes in the UK, her income will be taxed £11 million last year.
Because Akshata Murti's husband is British Chancellor Rishi Sunak, and because her father is Indian billionaire N.R. Narayana Murty, her income has a complicated connection to the UK.
Murti's husband Rich Sunak is the current British Chancellor of the Exchequer. His grandparents were born in India and later immigrated to the UK. Sunak himself was born in the UK. After graduating from Oxford University, he went to Stanford to study for his master's degree. He also met his wife Murtie at Stanford. In 2009, the two got married in Bangalore, India.
Although she herself married Sunak and had two children, had three residences in the UK and operated a UK-based company, she avoided paying taxes on some income by telling the UK General Administration of Taxation and Customs that "there is no exact plan" to stay in the UK.
(Photo by Murthy's father and Putin)
Murty and Sunak have shocking wealth in places like the UK. When the children are on holiday, the Sunak family will travel to a luxury house worth £5.5 million in Los Angeles. In 2010, in Kensington, West London, they paid £4.5 million on a non-mortgage mortgage to buy a five-bedroom stable-converted home. The property is now worth £7 million.
in Downing Street in London, they also have an apartment. In addition, near the Kensington mansion, they also have a first-floor apartment of about £1 million to live for relatives and friends who come to visit. In North Yorkshire, England, they also have a 12-acre Georgian estate worth £2 million.
It is reported that Murti bought shares of IMM company, which uses a "mailbox" company in in Mauritius. The mailbox company is a company that does not have substantial business or practitioners in the registered country. Such operations allow it to reduce the tax burden when investing in British and American brands. Murti's spokesman also did not deny Murti's behavior of avoiding taxes through the tax haven Mauritius.
(Protesters dressed up as Rich Sunak, outside the office of the UK Treasury)
Wife's tax avoidance has made people question Sunak's reputation. Sunak himself has not disclosed these interests in the MP's interest register. For example, his wife owns shares in the Indian tech giant Infosys founded by his father-in-law. Sunak has earned about £493 million from British taxpayers so far.
This £493 million contract comes from the UK's public sector . According to relevant data, since Sunak became a MP in 2015, Infosys has a contract of 488,000 with the Cabinet Office, 636,000 with the Ministry of Home Affairs, and 321,000 pounds from the British Railway Network.
Since Sunak became the Chancellor of the Exchequer, Infosys has also earned £71 million in the UK. These data undoubtedly prove the complex stakes between Murthy, Sunak and Infosys. But Sunak did not clarify these family wealth.
Although Murti only owns 1% of Infosys' shares, 1% of the shares brought her £11 million last year, which was paid in India. If you are a British citizen, you will have to pay £4.4 million in taxes on this.
(Rish Sunak and Akshata Murti)
Murti said that he is still an Indian citizen and will still return to India if his future parents need care.In principle, India does not recognize dual nationality, but in order to attract overseas Indians to return to China to invest, India has recognized dual nationality of some Indians, including the United Kingdom. She chose not to become a permanent resident of the UK, which is also in compliance with the regulations of the General Administration of Taxation and Customs.
Murti's spokesman said Murti has paid taxes on his income in the UK. But in addition to "foreign income", Murtie's income in the UK was not satisfactory. Her initial fashion brand, Akshata Designs, went bankrupt within three years. Nowadays, some of her venture capital and other businesses are also losing money.
In 2013, she and Sunak founded Catamaran Venture Capital in the UK, investing in fledgling companies. Sunak stepped down from the company after becoming a member of parliament in 2015 and transferred the shares to his wife. By the end of 2020, the company was in debt of £226,572.
(British Prime Minister Boris Johnson and Chancellor Rich Sunak)
According to the company registration bureau, the company invested £4.2 million in the fledgling company in a bid to have future growth and revenue. It may take 5 to 7 years to materialize the benefits. “As shareholders will continue to support the company financially for the foreseeable future, the directors believe it is appropriate to prepare a statutory account on a continuing basis.”
Until last May, Murtie was a director of her brother’s software company, which lost £10 million last year. Murti is currently a director of Digme Fitness, a fitness company. In the registration documents, Murthi's nationality is India, but she listed the UK as her place of residence.
Jiupai News Intern Reporter Yuan Jiabei
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