Mon, 23 Jun 2025

Mon, 23 Jun 2025 Let non-doms pay £250,000 and avoid some UK tax - Farage

The Reform UK leader says money raised from the policy would go to the lowest-paid 10% of full-time workers.

* Reform UK proposes a £250,000 fee for non-doms (individuals living in the UK but with a permanent home overseas) to avoid paying taxes on wealth, income, and capital gains earned abroad
* The party estimates this would raise between £1.5-2.5 billion annually, which would be transferred tax-free to the bank accounts of the lowest-paid 10% of full-time workers (£600-£1,000 per person)
* Reform UK claims tens of thousands of people would be attracted to the UK by this offer
* Critics, including Labour Chancellor Rachel Reeves and Conservative shadow chancellor Mel Stride, argue that this policy is a "tax cut for foreign billionaires" and would lead to significant revenue losses for the Treasury
* The Institute for Fiscal Studies (IFS) says it's "far from clear" whether the measure would make money for the Treasury, warning of potential costs and unintended consequences
* Labour estimates the policy could cost £34bn in lost revenue over five years
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