‘Non-dom’: The tax scheme tarnishing UK finance minister | Malay Mail

  • 📰 malaymail
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 86%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

LONDON, April 9 — UK finance minister Rishi Sunak is under pressure after it was revealed that his wealthy Indian wife is sheltered from paying tax on foreign earnings to his Treasury after claiming non-domiciled status. The “non-dom” scheme has become a controversial issue in British...

LONDON, April 9 — UK finance minister Rishi Sunak is under pressure after it was revealed that his wealthy Indian wife is sheltered from paying tax on foreign earnings to his Treasury after claiming non-domiciled status.

Murty, whose Infosys shareholding makes her richer than Queen Elizabeth II, has reportedly earned £54.5 million in dividends from her stake in her father’s company since 2015.The status was introduced in 1799 by prime minister William Pitt the Younger to allow wealthy plantation owners in British colonies to shelter their income from taxation back home.

The government generally considers a person’s domicile to be the country that their father considered their residence when the claimant was born. This comes with a £30,000-a-year charge for those who have lived in Britain for at least seven of the last nine tax years, and £60,000 for those who have been resident for 12 of the last 14 tax years.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crisis-hit Sri Lanka’s finance minister says no alternative to debt restructuring | Malay MailCOLOMBO, April 8 — Sri Lanka’s finance minister today said that the crisis-hit country must urgently restructure its debt and seek external help, while the main opposition threatened a no-confidence motion and business leaders warned that exports could plummet. The heavily indebted country has...
Source: malaymail - 🏆 1. / 86 Read more »