The Treasury is reassessing Labour's plans to abolish non-domicile tax status due to concerns that wealthy foreigners might leave the UK, impacting revenue.
The £1 billion earmarked in the Labour manifesto for health and educational services may not be realized if changes to non-dom status drive wealth away from the UK.
Treasury officials acknowledge that eliminating previous government concessions on non-dom status might yield less revenue than anticipated, with behaviour changes among wealthy foreigners significantly impacting outcomes.
Despite intentions to abolish non-dom status, the Treasury insists that any changes must not only be justifiable but also demonstrably raise necessary funds.
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