Rishi Sunak

As a (now former?) green card holder, as he done his US taxes all this time?  And his wife?
Dodging UK taxes, but the US rules are different. Well maybe not if you're super wealthy.........

As a (now former?) green card holder, as he done his US taxes all this time?  And his wife?
Dodging UK taxes, but the US rules are different. Well maybe not if you're super wealthy.........

It really gets my backup that law makers think they are there to make the laws but not follow them.

I can't even defend Sunak on his wife's non-dom status.  Legal loophole?  Absolutely.  But can she *honestly* say that she is only in the UK temporarily after 9 years?  Can she honestly say that "the center of her life" is NOT the UK?  Can she honestly say that if she were to return to India to take care of her parents when they are elderly that she plans to remain there and not return to the UK? 

I didn't realise Sunak had a green card.  I wonder if he realizes how big of a can of worms he's opened recently? 

Really does seem like a bunch of circus clowns running the show in Parliament....

As Boris was an accidental American I'm sure he taught Rishi all the tricks when he relinquished citizenship

Thick as thieves......

I read a bit more about this last night.  Boy, has he stepped in it.  US authorities are now asking how he presented himself to immigration when going back to his California home.  Was he pretending to still be a US resident?  Or not? 

He should have just thrown a bone to the public with the energy crisis at the same time as the hike in National Insurance. 

I hope this ends very badly for him! Because he royally 💩 up. And rules are rules!!

I hope this ends very badly for him! Because he royally 💩 up. And rules are rules!!

+1

I really hope he screwed things with the US authorities as well. 

I have never liked the existence of "non-dom" status but neither the Labour or Tory parties are likely to change it as they have too much money being donated to them from non-dom supporters.  The last time this issue raised its head it turned out that a bunch of members of the House of Lords were non-doms and still voting on bills including taxation.  The rules were changed slightly so that if a member of the House of Lords was claiming non-dom status they could still debate in the House but not vote. Big deal.

  +2!

Seriously, one set of rules for them, another for us.

UK non-dom status, US citizenship taxation, Irish corporation tax, etc. are all tax rules that benefit that nation at the expense of globally fair taxation. It would be interesting know how Mrs. Sunak is taxed in India - does she pay like a local or does living in the UK give her a break?

UK non-dom status, US citizenship taxation, Irish corporation tax, etc. are all tax rules that benefit that nation at the expense of globally fair taxation. It would be interesting know how Mrs. Sunak is taxed in India - does she pay like a local or does living in the UK give her a break?

Not sure what taxes in India she pays on her income in India but apparently a big advantage in remaining domiciled in India will be avoidance of inheritance tax since India does not have an inheritance tax.

The top income tax rate in India is 30% so a very big saving there as the top rate in the UK is 45%, and she got over £11.6m in dividends from Infosys last year. (Dividend tax rate is a little lower for those in the additional rate band - 39.35%, and she does get the first £2,000 of dividends tax free)

Higher rate   £50,271 to £150,000   40%
Additional rate   over £150,000   45%

In India, the 30% rate starts at ~£15,000.  Not sure if India has a different rate for dividend income

Oh how the rates of Income Tax have changed over the years.

It's hard to believe now, but when Maggie Thatcher came to power in 1979 she inherited from the Labour Government a top rate of Income Tax of 83% and on top of that there was an investment income surcharge of 15% - so yes, it was possible to pay 98% tax on investment income!!!!  - was it any wonder no one wanted to work and why so many chose to move overseas.