Andrew Griffith criticized former Chancellor Jeremy Hunt's decision to abolish the non-dom tax regime, stating it has harmed the UK’s attractiveness to wealthy global individuals. Griffith highlighted the potential economic consequences of the changes initiated by Hunt and expanded upon by Chancellor Rachel Reeves, who scrapped exemptions for foreign trusts. He expressed concern that if a significant number of non-doms leave as a result, it could adversely affect Treasury revenues. Griffith's comments indicate a shift in Conservative support for potentially reversing these policies.
It was a mistake to attack global wealth creators. I won't expand on that, but it was a mistake.
What Rachel Reeves has done is very materially different by expanding it to people's global assets, putting a significant amount of future funding in jeopardy.
If even a quarter of non-doms left the UK, the policy could end up costing the Treasury money.
Griffith admitted it had been a "mistake"... to abolish the centuries-old non-dom regime during his final Budget.
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