The taxman has been urged to investigate whether UK Chancellor Rishi Sunak’s wife Akshata Murty broke the terms of her non-dom status by giving her company 4.3 million pounds in interest-free loans, a media report said.<\/p>\n
Tax experts said the personal loans to Murty’s venture capital firm, Catamaran Ventures UK, fall into a ‘grey area’ of the rules and last night called for HM Revenue & Customs to investigate, the Daily Mail report said.<\/p>\n
The loans could “circumvent” the basis of her non-dom status if they were found to give her “monetary or non-monetary returns”, whether through profits or by exerting influence, it was claimed.<\/p>\n
Individuals can give loans to British companies tax-free even if the money comes from earnings abroad that have not been required to pay UK taxes.<\/p>\n
Accountants said they can be a way for non-doms to bring money into Britain without having to pay tax on it, Daily Mail reported.<\/p>\n
Murty declined to answer questions about the loans, the bulk of which were given in 2019 and 2020.<\/p>\n
A spokesman for Sunak’s wife said she had “followed the letter of the law and complied with all rules in her arrangements”.<\/p>\n
On Friday, Murty agreed to pay UK tax on her global fortune in a bid to save her husband’s political career.<\/p>\n
In a dramatic U-turn, the Indian heiress she would no longer apply to pay tax on a “remittance basis”, which allows non-doms to avoid UK tax on foreign earnings in return for a 30,000 pounds annual fee.<\/p>\n","protected":false},"excerpt":{"rendered":"
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