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Monday, March 27, 2023

Sajid Javid held non-domicile status for six years when he was a banker

Health Secretary Sajid Javid claimed non-domicile status for six years when he was a banker, it is reported.

Mr Javid accepted many times that he had been ‘non-dom’ between 2000 and 2006, when he was working for Deutsche Bank.

Sajid Javid told the newspaper that he had qualified for the scheme, which allows one not to pay UK tax on his foreign earnings, as his father was born in Pakistan.

Revelation comes after Independent It turns out that the wife of Chancellor Rishi Sunak avoided tax through her non-dom status.

The health secretary said that during his time in the financial sector he had also benefited from an offshore trust.

Mr Javid said: “I have been domiciled in the UK for tax purposes throughout my public life. Given the heightened public interest in these issues, I wish to be open about my past tax situations. My career before politics Was in International Finance. For almost two decades I traveled around the world constantly for work.”

Sajid Javid, Boris Johnson and Rishi Sunak during their visit to the hospital on 6 April


He said that he returned to the UK after a posting in New York, and “for those few years, I was a non-resident for tax purposes, but I paid all UK taxes on my income and have always done so.”

Referring to the offshore trust, he said: “Before returning to the UK and entering public life, some of my financial investments were based in an offshore trust. While this was a perfectly legitimate arrangement, I voluntarily accepted that position when I became minister in 2012. Decided to break the trust, return all properties to the UK and pay 50 percent income tax on those properties.

“This approach intentionally took the heaviest possible tax burden, and offset any accrued gains from the previous trust arrangement, but I believed it was the right thing to do.”

World Nation News Desk
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