Rachel Reeves is reconsidering Labour's crackdown on non-dom tax status amid concerns it won't generate revenue, especially if wealthy non-doms leave the UK, according to reports.
Concerns have emerged within the Treasury that the Office for Budget Responsibility may conclude the new tax policies won’t raise any money, exacerbating fears of wealthy non-doms leaving.
After hearing the Conservative’s plan to phase out the non-dom regime, Labour anticipated raising £2.6 billion to fund initiatives like school breakfast clubs and increased healthcare access.
Former Bank of England economist Andy Haldane called for a pause on the government's plans, highlighting the uncertainty around revenue from changing non-dom tax rules.
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