Wed 01 February 2023:
Infosys, an Indian IT firm, is in a dispute with the UK’s tax agency over a multimillion-pound corporation tax bill, The Guardian reported.
The company that Rishi Sunak’s father-in-law NR Narayana Murthy founded is involved in a multimillion dollar legal battle with UK tax authorities.
RISHI SUNAK, WIFE AKSHATA MURTY DEBUT ON UK’S ‘ASIAN RICH LIST 2022’
According to the company’s annual report, HMRC and the Indian IT services company, in which the prime minister’s wife, Akshata Murty, owns a stake of close to 1%, disagree about a corporation tax liability of over £20 million. The Times broke the story of the disagreement, which is just one of many tax problems the company is facing in various countries, including Australia.
Large tax disagreements that could affect a company’s operations or profits often have to be disclosed to shareholders and regulators. Infosys is publicly listed in India and New York.
“Infosys provides details of certain ongoing disputes with various regulatory authorities, including this specific tax matter with HMRC. The company has filed an appeal against a tax assessment in the UK and has obtained a stay on the payment of the tax demand from HMRC,” A spokesperson for Infosys told the Guardian.
After leaving a top position in 2014, Narayana Murthy is no longer directly managing Infosys. Despite holding shares worth about £700 million, which make up a significant portion of the Sunak family’s wealth, Akshata Murty is also not involved in the company’s management. She has received dividends from these totaling tens of millions of pounds in recent years.
UK’S SUNAK DISMISSES CONSERVATIVE PARTY CHAIRMAN ZAHAWI AFTER TAX PROBE
The development comes days after Sunak axed Nadhim Zahawi as Conservative Party chairman over his tax affairs.
It was found that Zahawi committed seven breaches of the ministerial code through his repeated failure to disclose HMRC’s investigation into him and the details of the settlement they agreed, including a penalty for tax avoidance. Sunak is still facing scrutiny over his handling of the affair.
Murty saved millions of pounds while living in No. 11 by using non-dom status to reduce her tax bill, it was revealed in April last year. The tax break, which costs thousands of pounds to maintain, allows a person to be a UK resident while only paying tax on income earned in the UK rather than worldwide. Murty quickly resigned her non-dom status for income tax purposes.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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