Highlights

  • Sunak writes to UK PM for a review
  • Akshata Murthy to pay tax on overseas earnings
  • Sunak's 'Green Card' issue creates furore

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Akshata Murthy's tax trouble and Rishi Sunak's 'exit' from Downing Street

Rishi Sunak asks for a formal review into whether he properly declared his financial interests

Did Akshata Murthy's tax planning on her infosys' shares cost Rishi Sunak his political career? That's the question most are asking as reports flooded the British press that Rishi Sunak has moved his family out of his grace and favour Downing Street residence as he continued to be under-fire for Akshata's non domicile status.

U.K. Chancellor in a letter to Prime Minister Boris Johnson published late Sunday,also asked for a formal review into whether he properly declared his financial interests.

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Sunak's wife, the daughter of Infosys co-founder Narayana Murthy, Akshata owns about 0.93 per cent of the Bengaluru-based IT company, which amounts to a $1 billion and gets her a hefty dividend payput as well. Reportedly last year's dividend income amounted to $15 million on which Murthy was not liable to pay any tax in Britain as she had held non-domicile status.

The British FM, Rishi Sunak soon come under-fire even though the actions taken by his wife were completely legal. However to avoid any further hit to the chancellor's political career Askhata on Friday posted a lengthy explanation on Twitter while revoking tax exception.

42-year-old entrepreneur wrote "I will no longer be claiming the remittance basis for tax. This means I will now pay UK tax on an arising basis on all my worldwide income, including dividends and capital gains, wherever in the world that income arises. She had previously stated that she had tried to keep her professional life and that of her husband's political career entirely separate and that her long-standing shareholding in Infosys is not just a financial investment but also testament to her father's work.

Also read/watch | Unacademy sacks 1000 employees, mass lay-off to cut cost

Akshata's tax turn may not be enough to boost back Sunak's popularity which has taken a severe hit in the last few weeks. Rishi Sunak who as a deemed successor of Johnson has faced severe backlash ever since his mini-Budget last month was seen as not doing enough to support struggling families with the cost of living crisis and piling on a high tax bill.


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