British Chancellor of the Exchequer Rishi Sunak has been cleared of breaching the ministerial code by Prime Minister Boris Johnson’s standards adviser after considering his and his family's tax affairs.
Ministerial interests adviser Lord Christopher Geidt also ruled in Mr Sunak’s favour over claims of conflict of interest relating to the chancellor having held a US permanent resident card.
Mr Sunak referred himself for investigation after it emerged that his wife, Akshata Murty, held non-domiciled tax status, exempting her from paying UK tax on overseas earnings.
Mr Geidt found two instances where Ms Murty’s tax status “could have given rise to a conflict of interest” for Mr Sunak.
But he found in the first instance the issue was properly declared, and in the second Mr Sunak assured that a Treasury change for some non-domiciled people did not affect his wife.
“I advise that the requirements of the ministerial code have been adhered to by the Chancellor, and that he has been assiduous in meeting his obligations and in engaging with this investigation," Mr Geidt advised Mr Johnson.
“In reaching these judgments, I am confined to the question of conflicts of interest and the requirements of the ministerial code.
“My role does not touch on any wider question of the merits of such interests or arrangements.”
The adviser said he did not believe Mr Sunak having held a US green card “would constitute an inherent conflict of interest”.
Mr Geidt said he asked the Treasury to search for any policy that would have affected holders of the card and Mr Sunak’s department responded with “no such evidence”.
He was satisfied that there is no conflict of interest over Mr Sunak’s blind investment trust after the chancellor assured he did not have “live knowledge” of the contents.
Mr Geidt was satisfied Ms Murty’s shareholding in Infosys, an Indian IT company founded by her father, was “properly declared” and that it held no Treasury contracts during her husband’s tenure.
Public records show Infosys received more than £50 million ($63m) in UK public sector contracts since 2015.
This month, Mr Johnson agreed to launch the investigation amid intense pressure on Mr Sunak over his family’s financial interests.
There had been speculation in Westminster that a Labour-leaning civil servant or rivals at Downing Street could have been behind the leaking of the confidential information.
On Wednesday, Mr Sunak insisted he did not believe allies of Mr Johnson were behind the leaks as he answered questions from users of the Mumsnet internet forum.
He was asked how he could have the “understanding and empathy about what it is like to struggle” by someone who said they “couldn’t imagine what it is like to live a life in your very privileged financial position”.
Mr Sunak said he hoped people “can judge me on my actions”, as he accepted that he was in a “fortunate position” but stressed his family emigrated to the UK “with very little”.
During the political storm, Ms Murty, who is an Indian citizen and is estimated to be worth hundreds of millions of pounds, agreed to pay UK taxes on all of her worldwide income.
She is reported to hold a 0.91 per cent stake in Infosys and has received £11.6 million ($14.5m) in dividends from the Indian company in the past year.
“It was clear from the start that this report would be an utter whitewash. The Government announced the result of this inquiry before it had even started," said Labour deputy leader Angela Rayner.
“This report fails to answer the most basic questions and makes a mockery of our democracy. Downing Street has lost all ethical credibility.
“Now we know that the government was fully aware of the Chancellor’s tax-dodging tactics, but failed to inform the public or take any action.”
HAJJAN
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At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
THURSDAY'S ORDER OF PLAY
Centre Court
Starting at 10am:
Lucrezia Stefanini v Elena Rybakina (6)
Aryna Sabalenka (4) v Polona Hercog
Sofia Kenin (1) v Zhaoxuan Yan
Kristina Mladenovic v Garbine Muguruza (5)
Sorana Cirstea v Karolina Pliskova (3)
Jessica Pegula v Elina Svitolina (2)
Court 1
Starting at 10am:
Sara Sorribes Tormo v Nadia Podoroska
Marketa Vondrousova v Su-Wei Hsieh
Elise Mertens (7) v Alize Cornet
Tamara Zidansek v Jennifer Brady (11)
Heather Watson v Jodie Burrage
Vera Zvonareva v Amandine Hesse
Court 2
Starting at 10am:
Arantxa Rus v Xiyu Wang
Maria Kostyuk v Lucie Hradecka
Karolina Muchova v Danka Kovinic
Cori Gauff v Ulrikke Eikeri
Mona Barthel v Anastasia Gasanova
Court 3
Starting at 10am:
Kateryna Bondarenko v Yafan Wang
Aliaksandra Sasnovich v Anna Bondar
Bianca Turati v Yaroslava Shvedova
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000