Rishi Sunak’s accountants urge retention of non-dom status
Rishi Sunak’s accountancy firm, a wealth management company that argued against removing non-domiciled status, has welcomed the government’s tax breaks for wealthy savers and promises to minimise clients’ capital gains tax.
Evelyn Partners signed off on the three-page summary of the prime minister’s tax affairs which Downing Street released this week, showing that Sunak made around £5m in the last three years, mostly through his US-based investment fund.
That statement was released after months of delays and in the middle of Boris Johnson’s testimony to parliament about Partygate, giving a sense of the sensitivity of the issue for the prime minister. Sunak and his wife, Akshata Murty, are the wealthiest ever occupants of Downing Street, and the prime minister has faced accusations that he is out of touch with the cost-of-living crisis facing millions of British voters.
His accountancy firm calls itself a “global network for global clients” promising to help manage their offshore assets and take advantage of the UK’s tax code by using capital gains tax. It also promises to help set up “complex tax-advantaged investments” for its clients.
This week, the Guardian revealed the prime minister had benefited by £300,000 over the last three years from a decision the Conservatives took in 2016 to reduce CGT from 28% to 20%.
Last week, staff from Evelyn Partners wrote a long post on the firm’s website analysing the effects of the budget for its clients but also making clear the firm’s own views on policy. It cautions against Labour’s policy of abolishing non-domiciled tax status, from which Murty benefited until she gave it up amid public outcry.
The day after the budget, the firm welcomed the fact that the chancellor, Jeremy Hunt, had
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