Rachel Reeves has indicated potential changes to her proposed tax reforms targeting non-doms, amid concerns that they may not generate the expected £1 billion annually.
The term 'non domicile' designates a UK resident whose permanent home is outside Britain, allowing them to limit tax liability to UK earnings only.
Despite official comments labeling recent reports as speculation, the Treasury is committed to revising the non-dom tax policies perceived as outdated.
Prime Minister Keir Starmer emphasized that those who can afford it must pay a greater share in addressing the financial burden, indicating a definitive shift in tax policy.
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