Reform UK has introduced a controversial new policy, dubbed the 'Britannia Card', enabling wealthy non-domiciled individuals to avoid UK taxes on foreign earnings. For a one-off payment of £250,000 every decade, these individuals would be exempt from UK tax on income, capital gains, and inheritance. Promising to attract high-net-worth individuals back to Britain, the scheme has drawn criticism from various quarters, including Labour and the Institute for Fiscal Studies, questioning its potential effectiveness in generating net revenue and its fairness to regular taxpayers.
The proposed 'Britannia Card' allows wealthy non-domiciled individuals to avoid UK tax on foreign earnings for a one-off fee of £250,000 every 10 years.
Through the proposed scheme, Reform UK seeks to attract high-net-worth individuals to boost the economy, despite facing criticism for favoring the wealthy.
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