Downing Street disclosed on Friday that British Prime Minister Rishi Sunak contributed over half a million pounds in personal taxes for the financial year 2022-23, as part of its transparency data release. The 43-year-old leader of Indian descent had previously expressed his intention to make his tax returns public. According to his tax assessment, Sunak's tax bill amounted to GBP 508,308, surpassing the previous year's figure by approximately GBP 75,000.
The tax documents further reveal that Sunak earned nearly GBP 1.8 million through capital gains, marking an increase from GBP 1.6 million in the preceding financial year (2021-22). Additionally, he accrued GBP 293,407 from other interest and dividends. Notably, all investment income and capital gains originated from a US-based investment fund managed under a blind trust arrangement.
In addition to his investment earnings, Sunak garnered GBP 139,477 from his roles as a Member of Parliament and Prime Minister, inclusive of allowances for the utilization of 10 Downing Street. The tax summary, prepared by accountancy service Evelyn Partners, supplements his previous tax returns filed with His Majesty’s Revenue and Customs (HMRC) in March of the preceding year.
Sunak's decision to publish his tax returns follows public scrutiny, particularly after revelations regarding his wife Akshata Murty's non-domicile status. This status exempted her from UK tax obligations on international income derived from her father's software company, Infosys. Subsequently, Murty relinquished this legal status to prevent any potential distractions to her husband's political career.
(With Agency Inputs)