Rishi Sunak releases his tax return after bowing to pressure

Mar 22, 2023

Rishi Sunak’s tax details have been released, showing that he paid £432,493 in tax in 2021/22.

Much of the tax was paid on his capital gains earnings, which were more than £1.6m in that tax year.

The prime minister paid £325,826 in capital gains tax and £120,604 in UK income tax on income of £329,561.

There was speculation that Mr Sunak’s tax return could be controversial given that it was scheduled to be released at 4pm while the privileges committee investigation into whether Boris Johnson misled MPs over partygate was in full swing.

Mr Sunak came under pressure to publish his tax return after his financial affairs came under the spotlight during his failed leadership campaign against Liz Truss.

It was revealed that his wife, Akshata Murthy, had claimed non-dom status – allowing her to avoid UK tax on her vast foreign income, derived from her father’s Indian firm, Infosys.

Following a significant backlash, Murthy then renounced her non-dom status and said she would pay UK tax on all her worldwide wealth to stop the issue from acting as a “distraction for her husband”.

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There has also been the separate controversy over Nadhim Zahawi, who was sacked as Tory Party chairman in January after he failed to disclose millions of pounds in tax.

An ethics inquiry ordered by Mr Sunak found Mr Zahawi guilty of a “serious breach” of the ministerial code.

The MP for Stratford-upon-Avon said his actions were “careless” and not “deliberate”.

Mr Zahawi is believed to have paid a penalty as part of an estimated £4.8m settlement dispute with HMRC.

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