Reform UK has announced it would give non-doms the chance to avoid some UK taxes by paying a £250,000 fee, with the proceeds going to people on the lowest incomes.Non-domiciles (or non-doms) live in the UK but have a permanent home overseas for tax purposes.Under Reform’s plan, non-doms would pay the fee for a new Britannia Card and in return not be taxed on wealth, income or capital gains earned abroad. They would also avoid the need to pay inheritance tax.Labour Chancellor Rachel Reeves said the measure amounted to a “tax cut for foreign billionaires” and Reform would have to either raise taxes or cut public services such as the NHS to compensate for the loss in revenue. Reform UK says income from the measure would be transferred annually tax-free to the bank accounts of the lowest paid 10% of full-time workers.The party estimates its policy would raise between £1.5bn to £2.5bn annually, equating to £600 – £1,000 per low-paid worker. Speaking in central London, Reform UK leader Nigel Farage said “tens of thousands” of people would be tempted to the UK by the offer of the card, which could be renewed every 10 years, with no additional cost. “Many talented people are leaving and we want as many entrepreneurs, as many risk-takers, as many job creators, as many people paying lots of tax, as many people investing huge sums of money.”Asked if the policy was an example of “fantasy economics”, he sa …
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[mwai_chat context=”Let’s have a discussion about this article:nnReform UK has announced it would give non-doms the chance to avoid some UK taxes by paying a £250,000 fee, with the proceeds going to people on the lowest incomes.Non-domiciles (or non-doms) live in the UK but have a permanent home overseas for tax purposes.Under Reform’s plan, non-doms would pay the fee for a new Britannia Card and in return not be taxed on wealth, income or capital gains earned abroad. They would also avoid the need to pay inheritance tax.Labour Chancellor Rachel Reeves said the measure amounted to a “tax cut for foreign billionaires” and Reform would have to either raise taxes or cut public services such as the NHS to compensate for the loss in revenue. Reform UK says income from the measure would be transferred annually tax-free to the bank accounts of the lowest paid 10% of full-time workers.The party estimates its policy would raise between £1.5bn to £2.5bn annually, equating to £600 – £1,000 per low-paid worker. Speaking in central London, Reform UK leader Nigel Farage said “tens of thousands” of people would be tempted to the UK by the offer of the card, which could be renewed every 10 years, with no additional cost. “Many talented people are leaving and we want as many entrepreneurs, as many risk-takers, as many job creators, as many people paying lots of tax, as many people investing huge sums of money.”Asked if the policy was an example of “fantasy economics”, he sa …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
