UK opposition questions tax status of Narayana Murthy’s daughter

0

The UK Opposition has questioned the non-domicile tax status of India-born Akshata Murty, daughter of Infosys co-founder Narayana Murthy, and demanded an urgent explanation from her husband UK Chancellor Rishi Sunak. A non-domicile status means Akshata Murty, who owns shares in Infosys, is not legally bound to pay tax in the UK on income earned overseas. A spokesperson for Murty, 42, who is a director at venture capital firm Catamaran UK, said the nondomicile status is because India does not recognise dual nationality and that the professional pays all the legally required tax in the UK.

“Akshata Murty is a citizen of India, the country of her birth and parent’s home,” the spokesperson said. “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,” the spokesperson said.

The details of Murty’s tax status first emerged in The Independent’ newspaper on Wednesday, just as new taxes announced by Sunak come into force for the new financial year. The Opposition Labour Party demanded an explanation if his family, currently based at 11 Downing Street, was benefitting from tax reduction schemes such as being registered as non-domiciled.

Under British law, Murty who has lived in the UK for nine years would be automatically deemed domiciled in the UK after 15 years.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Web Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – webtimes.uk. The content will be deleted within 24 hours.

Leave a comment