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Who leaked Murty s tax status ?
‘Sunak’s allies laid the blame at No10, where Boris Johnson has long been seen as worried about the relative popularity of the Treasury boss.’
Suddenly with his green card issues compounding the problem of his wife’s tax status he jumped from being Dishi Rishi to Fishi Rishi.
On the 2nd November Rishi gave up his shadow cabinet post and retired to the back benches saying he would be spending more time enjoying the Yorkshire shoreline.
I imagine with him ‘retiring’ his wife with a good conscience would have had little qualms in writing to HMRC, or via online, to change back her tax arrangements to a remittance basis and avoid the surplus tax on her dividend due on 5th November.
She had generously paid a lot of extra tax to facilitate her husband’s career but his career ex cabinet is surely now over.Had Sunak gone for a November election his wife would certainly have paid this tax. Maybe she has anyway in fear of further leaks – it’s all conjecture, but I found this highly interesting to think this through in relation to the shock July election date.
Britain’s growth has been a world-beater in the last quarter – inflation has maintained its low level. The conservatives would never have won but possibly retained more seats.
I know nothing and this is all conjecture and hypothetical.Interesting that Cleverly who made a 100mill fortune pre politics didn’t want to serve under Badenoch or Jenrick.
Hunt who cashed in his education business for 30 million is also fed up and retiring to the back benches and no doubt spending more time in his oak beamed house.( joke removed )
Continued….
No offense with the three monkeys See no evil etc just a light hearted joke that might apply to all Conservative MPs until they recover their composure which may take a long time.
To conclude I have estimated Akshata Murtys holding from the current capitalisation at £600 million and with the recent divi at a yield of 2.78% it translates to a 16.62 mill payout which would accrue Indian tax of 3.32mill and HMRC would receive slightly less at 3.23 mill and in the 24/25 tax year on the premise that Akshata Murty has retained her voluntary arrangement – but that is the question.
It is rumoured the Sunaks may go to live in America. The divi rate in U.S. is a maximum 30% (qualified dividends less) so there would be some saving. They can of course decide to stay here and pay the extra tax and it may be a lifestyle choice over money in the bank.Sunak’s pa wouldn’t allow a crouching menace (TV) in the house. Maybe that gave the young Sunak a better start in life with little distraction and more people interactions.
The Sunaks both met at Stanford as students and later married. Sunak set up a finance company in California which had connections with the Cayman Islands. His wife opened them closed a fashion company – Akshata designs. They both came to England in 2013. They inevitably came with capital to fund their life in England and purchase their initial property in Yorkshire. No dividend income was brought in from India to fund their company Catamaran Ventures as this would have been taxed.It was the London branch of her father’s well funded business ($1 billion) Sunak transferred his shares to his wife before entering politics.
….I got the Daddy’s mixed up it was Murty’s daddy who rejected the crouching menace, and she lived without the ‘fun’ of Sesame Street. He also cleaned his own toilet rejecting the caste system.
______________________________THE POLITICAL BEAST WAKES AND ROARS….
It was a storm-strid Hardy night, winds footing swift through the blind profound – the people; some sleeping knew the happenings from their sound; leaves tottered down still green and spun and drifted slam dunk to their roots which wrenched and lifted the loam where they ran underground. The clouds suddenly came off strike and the grey bleak morning, as if not exposed and battered enough, was thenceforth lashed and punished further, with torrential unremitting rain bursting forth but mainly down.
He strode with some purpose to the lectern as the heavens opened,
“This is the moment (SPLAT) for Britain to decide its future (SPLAT)”
The electorate in grouped formation danced, some merrily, around the Maypole, whilst others hid tortured defeated faces.
Labour 39%
Conservatives 20%Whilst Cameronman years earlier had tried unsuccessfully to throw two sixes – ending up running away with the spoon, this was Rishi’s BIG GAMBLE
_______
Politics can be somewhat dry
So a break may be in order.Freud would have given his eye
teeth to have gotten his mits on the knowledge that follows…There are four things in life that are important…
It took me many years of research to discover number four.
Number four reads …
‘Try not to forget the other three’
Quite likely that Murty’ s father long long ago when he enriched his daughter set up an offshore trust fund in her name, and this would have been favourably placed in a tax haven. It may have had prenup arrangements in it to protect the fund from expensive divorce settlements. Today these overseas trusts cost about £5k to set up with a maintenance of 4k a year.
Maybe he set up something at home due to a lack of inheritance tax in India so he chose something home grown.
“Dividends received from Indian companies prior to 1 April 2020 are tax-free in the hands of the shareholder. Any dividends received post 1 April 2020 are chargeable in the hands of the non-resident shareholder at the rate of 20% or treaty rate, whichever is beneficial.”Post 2020 – if a person was domiciled in India but resident in UK received £10 mill in dividends under the non dom arrangement they would pay 2 mill to the Indian tax authorities and avoid all tax on them in Uk. Once Murty’ agreed to pay tax she would have had to pay £1.81million to HMRC ( divi tax was 38.1 (additional rate) so 38.1 minus the 20% she had paid so 18.1%.
Divi tax now is 39.35% additional rates and on ordinary dividends.
Now Infosys declares dividends twice a year early mid April and late October.Infosys final year results and dividend payment went out on April 13th 2022. I suggest that Murty would have received this dividend and when she wrote to HMRC and agreed to pay it would have involved any future dividends. She would have paid British tax on dividend income in Oct 22 April 23 Oct 23 and April 24. and this is where the intrigue comes in – will she pay tax on the dividend which came out on Oct 26 which will be received by shareholders on the 5th of November ? Did this payment influence Sunak’s choice of election date.
I will refill my cup.Year 12-15 non doms paid 60k up from 30.
Back with a cup of tea.
Hunts earlier budget in 24 rather usurped Labours plans to end the non dom status. Hunt penalized new arrivals but left those still here under the 15 year residency grace period ( Hunt brought this in an earlier budget ) to continue with their benefits. Reeves has stopped these concessions. Murty still had some few years left until she became a deemed dom. It reminds me of the Mafia term when you become a don and you get made. She loses those years now but of course she had volunteered to pay any tax from abroad and that is the interesting bit…
April 9 2022…( note the date)
Chancellor Rishi Sunak’s wife Akshata Murty has said she will pay UK taxes on her overseas income, following a row over her non-domicile status.I don’t usually contribute to political threads, on the other hand, I do like a bit of intrigue. I may decide to stop writing so apologies if there is a cliff edge and on the other hand, I may get bored with the complexity and dryness of it, and may consequently drop off my writing perch. I am extremely busy at the moment.
All I write is complete conjecture and the conclusions I hint at may be far from the actuality, but allow me
to give a few hopefully interesting thoughts.
Most people including MPs were expecting an October or November election – it sort of made sense to allow time to help cobweb all the big mistakes made.The conservatives lost 251 seats in the annihilation that followed.That morning of the declaration he stood there in the pouring rain…
‘Labour MPs are happy. We’re not. That tells a story,” one minister fumed in my general direction as he reeled off a list of legislation he had been involved in, now headed for the shredder.
All of Mr Sunak’s MPs, though, were blindsided – including cabinet ministers who had no inkling of what was coming either, even being sent a fake agenda for their Wednesday afternoon meeting.’Sunak wife Akshata Murty has a .91% stake in Infosys a software company her father started with $250 which has a capitalisation of £66.71 billion (her Infosys wealth was quoted at around 700 million) and employs a quarter of a billion workers worldwide deriving 60% of its income in North America.
Ms Murty has non dom status which under the arrangement of paying 30k a year to HMRC she was allowed to use the remittance basis for her tax affairs which meant that foreign earning were taxed at source at country of origin, or lightly taxed or not taxed, as the case may be. That all changes next April when the residency basis replaces it and non doms are basically cancelled apart from the exception of temporary 4 year newcomers.
The recent budget also included an inheritance tax grab for non doms however there is a double taxation (India/UK) treaty from 1956 which allows forgiveness of inheritance tax for Indians domiciled in India residing abroad.It is not clear whether the treaty overrides the budget rules and it is currently under discussion. There is no inheritance tax in India and the top rate of tax is 30%. Top rate is 37% in U.S. UK rate is 45%.I am getting bored so will leave you for an indefinite time.
They are not all racists in the land of the Free
They have built the monasteries.First things sprogs learn after shooting ducks
is how to twitch a curtain.Ten years later standing by it.
” Half the street are benefit thieving ingrates who should disappear down the orifice they came from
The other half are BUMS.
Druggies every one.
Are we down SOUF
and are we done ,?
No
Let’s go back in time
2013 and let the climate
wreck em to bits
So temptin’Leave no trace
Hide your face
Not worth the lace !Yap Yap, yap yap yap yap
:
Whereas Davies could interestingly describe himself as a myriapod – I could never call myself an actor, more a two bit opportunist, as my acting career was brutally cut short lasting all of 90 minutes and and that would have been in the summer of 73 -July or August. The filum came out the next year. No one noticed my talent. I never caught sight of Steve McQueen – he wasn’t on set that day but he would have known. No I sloped off towards the beach area of LA, glancing at intervals behind me. There was a serial killer at large back then who had innocuously been dubbed the Banana man. He would creep up behind a walking pedestrian and unleash a hammer blow to the head – similar MO to our Yorkie Ripper, difference was Banana man also attacked men and always left a banana skin by the body as if the culprit had had the misfortune to slip on it. It gave him time initially. I don’t know if he was ever caught – this killer with a distorted mind – they presumably checked out all personnel working in vegetable stores.
Exactly 25 years before Britney made school popular again by releasing her hit me hit ‘
Baby one more time ‘
I was out in California filuming with Steve McQueen. I only had a tiny part so never appeared in the credits. I was dressed down as always in those heady days of got no confidence YOOF and standing next to a dapper Fred Astaire who was also in the filum and was nonchalantly sprouting a red carnation on his jacket that day, and it made me feel a bit like a street urchin which incidentally was my part.An interesting observation indeed Oh Ruby, and it can be said that those that seek out Pegasus, or study or dedicate unnatural or inordinate amounts of time to study the finer detail of the muscularly laden equus caballus, are indeed the types to succumb to an earthy nature. In Davies’s case this earthiness was usually excecised and expressed with a certain decorum, and it would be eyewash to call him predator – in fact he called them out. Well…then there were the weak moments..
‘ When dusk settled and an unnatural amount of steam was seen billowing out from under the stable door, with Neddy the occupant all tucked up safely in bed, and entering La La land – it begged the question among rumour mongering raking out stable staff, ealy the next morning
“WHO LET THE BLOB OUT ?”
CORPUS EDEMIS
THE OMEN
The spirit of the legendary stallion Razeen left his body on 16th February 2011. The great son of Northern Dancer out of Secret Asset was 24 years old when the end came.
Razeen passed away like a true hero and was in the covering yard with his “working” boots on. The end came peacefully and was painless all of which was evident in his face and eyes which were calm and resplendent even though he lay lifeless bar the pulsating pinstripes. What a way to go !
Good guys always finish last – Gentlemen finish third !!!
They buried his working boots and monacle in a separate heavily disinfected casket all arranged and paid for by the notorious Word Association gang who placed the word third, carved in Bromley oak, on his grave while one of the gang quietly whispered the word *rsehole.
A green vested blob in the shape and size of several men was indeed spotted stretching itself across the downs at Epsom yesterday. One racegoer finding himself quite alone, turned to his shadow and asked – What on earth is that ?
It’s an undulating myth the shadow replied.
As far as spitting feathers
that was my wry attempt at humor.
US style
I am not at all angry.
I certainly did not intend to post last night and forgot to log off – hence my today’s post.
I may have left the drawer open.
I don’t post on forums these slightly colder days. I do keep the odd eye on them.I have largely given up South Africa and US bar the big meets.
Just UK racing. (due to its depth)I haven’t seen Davies about anywhere. I wish him well with his mute activities.
Razbag has probably settled himself with age. I know leafy Bromley very well from the distant past.
I am wearing a white puffer jacket – a crisp tenner to anyone who apprehends me today.
Goodly bye
( currently sitting in a Turkish bakehouse drinking Turkish coffee – just about to order a second Americano.)
Quick pick up Ruby I’m impressed …but
Just what the truth is I cannae say anymore
aka The Moody BluesIt’s a conundrum and an unfathomable… like Ruby Tuesday Oh Ruby Ruby Ruby …
Goodbye, Ruby Tuesday
Who could hang a name on you?
When you change with every new day
Still, I’m gonna miss youBut the big nagging question is
WHY CHANGE ?
WE LOVE THE PAST !
OLD POSTERS SHOULD NEVER DEE
