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British Prime Minister Boris Johnson has announced his resignation from the post amid political turmoil. After Johnson’s resignation, speculation about a new prime minister is rife. At the forefront of this race is the name of former Finance Minister Rishi Sunak of Indian origin. The resignations of ministers in protest against Johnson started with Sunak on Tuesday itself. Sunak’s wife Akshata Murthy is the daughter of Infosys co-founder Narayan Murthy. Sunak had also been in controversies a few days ago because of his wife.
After all, who is Rishi Sunak? What is Sunak’s connection with India? Why was Sunak’s wife Akshata Murthy in controversy? Let’s know…
Who is Rishi Sunak?
Britain-born Rishi Sunak’s mother was a pharmacist and father was a physician in the National Health Service (NHS). After graduating from Wenchester College, he graduated from Oxford University in Philosophy, Politics and Economics. After this he did his MBA from Stanford University. While studying at Stanford, he met Akshata Murthy. He later married Akshata. Both have two daughters Krishna and Anushka.
In 2015, Sunak became MP for the first time from Richmond, Yorkshire. Sunak, who was one of the leaders who supported Brexit, grew rapidly in the Conservative Party after becoming an MP. Sunak was one of his biggest supporters when Boris Johnson was campaigning to leave the ‘European Union’.
What is Sunak’s connection with India?
Son of Indian-origin parents, Sunak’s wife Akshata still holds Indian citizenship. Akshata is the daughter of Infosys founder NR Narayana Murthy and Sudha Murthy. According to the report, he is richer than Britain’s Queen Elizabeth in terms of wealth.
How much property does Akshata have?
According to the information shared with the stock exchanges, 42-year-old Akshata Murthy holds Infosys shares worth about $1 billion, or Rs 7600 crore. The report said that according to the Rich List-2021, this figure makes Akshata richer than Queen Elizabeth II. It was told in the report that the personal wealth of the Queen is made around $ 460 million i.e. 3400 crores.
What is Akshata’s source of income?
Akshata has been living in the UK for a long time. Here he has also opened a company by the name of Akshata Designs. Apart from this, she is also a director of venture capital company Catamaran Ventures. It was founded in 2010 by Akshata’s father NR Narayana Murthy. Akshata and Sunak were married in 2009 in Bangalore. This marriage ceremony lasted for two days.
Akshata holds 0.93 per cent stake in her father Narayana Murthy’s company Infosys. According to Bloomberg, Akshata gets an annual dividend of about Rs 11.65 crore from her stake. Akshata is accused of not paying tax on this income itself. This amount is about 20 million pounds i.e. 197 crores. Actually, Akshata has got non-domestic status in Britain. Due to this status, the exemption in tax received by him had become a cause of controversy.
What is non domestic status?
According to a report in The Guardian, Akshata has received about Rs 538 crore from Infosys’ dividend. Being a non-domestic citizen, he did not have to pay tax of about Rs 197 crore on this dividend.
The special thing is that the then Finance Minister Sunak has increased the tax on dividends for UK citizens from 30.7 percent to 39.35 percent earlier this year. Sunak was also the target of critics because of the mini-budget in which it was announced.
Why the controversy when Akshata has non-domestic status?
In the colonial era, this law was made for those people who lived in Britain but, their permanent home was outside the country. Such people were registered as tax residents. Such people had to pay tax on the income earned in Britain. These people were not liable to pay taxes on earnings outside Britain.
This law, made in 1799, requires foreign citizens to apply for non-domestic status. Only then do they get tax exemption on the income earned abroad. This is the condition due to which Akshata Murthy is the target of critics.
Another thing is that getting non-domestic status in the UK is not that cheap either. Such people who have lived in the UK for seven years in the last nine years have to pay about 30 lakh rupees to the government every year to get this non-dome status. According to UK rules, if a non-domestic citizen has lived in the country for 15 years, then he is considered to be a domicile of the UK.
So did Akshata break any law?
According to British newspaper The Independent, choosing non-domestic status is optional. However, there it is not illegal in any way. That is, technically Akshata has not done anything wrong. According to news agency PTI, in 2018, when Akshata’s husband Rishi Sunak became a cabinet minister, he had informed about his wife’s tax status. He had given this information even after taking charge of the post of Finance Minister.
Akshata has been living in Britain for years, then why all of a sudden this controversy?
Finance Minister Sunak’s mini-budget was being heavily criticized at that time. The reason for this was not giving any special relief on issues like rising oil and electricity prices, Corona. On the other hand, the continuation of work of his father-in-law’s company in Russia in the midst of the Ukraine-Russia war was also cited as one of the reasons. Earnings from the dividend of the same company became the cause of controversy.
Expansion
British Prime Minister Boris Johnson has announced his resignation from the post amid political turmoil. After Johnson’s resignation, speculation about a new prime minister is rife. At the forefront of this race is the name of former Finance Minister Rishi Sunak of Indian origin. The resignations of ministers in protest against Johnson started with Sunak on Tuesday itself. Sunak’s wife Akshata Murthy is the daughter of Infosys co-founder Narayan Murthy. Sunak had also been in controversies a few days ago because of his wife.
After all, who is Rishi Sunak? What is Sunak’s connection with India? Why was Sunak’s wife Akshata Murthy in controversy? Let’s know…
Who is Rishi Sunak?
Britain-born Rishi Sunak’s mother was a pharmacist and father was a physician in the National Health Service (NHS). After graduating from Wenchester College, he graduated from Oxford University in Philosophy, Politics and Economics. After this he did his MBA from Stanford University. While studying at Stanford, he met Akshata Murthy. He later married Akshata. Both have two daughters Krishna and Anushka.
In 2015, Sunak became MP for the first time from Richmond, Yorkshire. Sunak, who was one of the leaders who supported Brexit, grew rapidly in the Conservative Party after becoming an MP. Sunak was one of his biggest supporters when Boris Johnson was campaigning to leave the ‘European Union’.
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