Who is Akshata Murthy? What is a non-domicile status and how much money does Rishi Sunak's wife have?

By Abi Whistance
Published 7th Apr 2022, 10:16 BST
Updated 7th Apr 2022, 12:10 BST
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Murthy's tax status allows the billionaire heiress to avoid tax on foreign earnings.

Akshata Murthy has hit the headlines again this week after it emerged that she claims non-domicile status, allowing her to save millions of pounds in tax on dividends collected from her family’s IT company.

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But who is Rishi Sunak's wife and what does her non-domicile tax status mean?

Chancellor of the Exchequer Rishi Sunak alongside his wife Akshata Murthy attend a reception to celebrate the British Asian Trust at the British Museum, in London.Chancellor of the Exchequer Rishi Sunak alongside his wife Akshata Murthy attend a reception to celebrate the British Asian Trust at the British Museum, in London.
Chancellor of the Exchequer Rishi Sunak alongside his wife Akshata Murthy attend a reception to celebrate the British Asian Trust at the British Museum, in London.

Below is everything you need to know about Akshata Murthy.

Who is Akshata Murthy?

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Murthy is the daughter of Narayana Murthy, one of India’s richest men.

Her father founded Infosys, an Indian multinational IT company that provides business consulting, information technology and outsourcing services.

When did she meet Rishi Sunak?

Akshata met Rishi while studying at Stanford University, and the pair married in August 2009.

They have two daughters and currently live in the village of Kirby Sigston, near to Northallerton, North Yorkshire.

How much money does she have?

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Her own personal fortune is estimated at £300 million by British magazine Tatler, however it is likely that the number is much higher after recent developments.

She receives about £11.5 million in annual dividends from her stake in the Indian IT services company Infosys, and it has emerged that she declares non-domicile status on those earnings, meaning she does not pay tax on those earnings.

Akshata is also a director of her father's investment firm, Catamaran Ventures, and manages her own fashion label.

Her shares in Catamaran are worth £430 million, making her one of the wealthiest women in Britain.

What does a non-domicile tax status mean?

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Someone with a non-domiciled status is a person living in the UK who is considered under British law to have a permanent home in another country.

This can have significant tax advantages for the wealthy, as they are not considered a permanent resident of the UK.

Under UK tax laws, Murthy’s non-dom status would mean she would not have had to pay tax on the dividend payment from her companies based overseas.

What is a dividend payment?

A dividend is a payment a company can make to shareholders if it has made a profit.

Companies cannot pay their shareholders more in dividends than is available in profits.

Related topics:Rishi Sunak

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