Let non-doms pay £250,000 and avoid UK tax, says Farage
Summary
Reform UK has proposed a plan allowing non-domiciles, people living in the UK with a permanent home abroad for tax purposes, to avoid several UK taxes by paying a £250,000 fee for a "Britannia Card." This card would exempt them from taxes on foreign earnings and certain other taxes. The funds from this fee would go to help the UK’s lowest-income workers.Key Facts
- Non-domiciles (non-doms) are people living in the UK but with a permanent home overseas for tax matters.
- Reform UK suggests non-doms pay £250,000 to avoid UK taxes on overseas income, wealth, and certain other taxes.
- The plan includes a "Britannia Card," renewable every 10 years, which would offer these tax exemptions.
- The money from this fee would annually go tax-free to low-paid UK workers, estimated to benefit the lowest 10% of full-time earners.
- Reform UK believes this could raise between £1.5 billion to £2.5 billion yearly, equating to £600 to £1,000 per low-paid worker.
- Labour opposes the plan, saying it benefits foreign billionaires and could lead to higher taxes or reduced public services like the NHS.
- Previous non-dom rules required a fee of £30,000 or £60,000 based on time spent in the UK.
- About 74,000 people claimed non-dom status in the UK for the 2022-23 period.
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