Reform UK has introduced a controversial plan enabling non-domiciles (non-doms) to pay a £250,000 fee for a new Britannia Card, allowing them to avoid various UK taxes on foreign income and wealth. Critics, including Labour Chancellor Rachel Reeves, assert this amounts to a tax cut for the wealthy, likely necessitating tax increases or public service cuts. Nigel Farage, the party leader, believes the card could attract many skilled individuals to the UK, while income generated would support the lowest-paid workers. This policy emerges amidst broader discussions on tax reforms impacting non-doms.
Under Reform's plan, non-doms would pay a fee for a Britannia Card, avoiding taxation on foreign income and wealth, a move criticized as favoring the wealthy.
Labour Chancellor Rachel Reeves criticized the policy as a "tax cut for foreign billionaires," suggesting it risks raising taxes or cutting public services.
Reform UK leader Nigel Farage argued the scheme would attract "tens of thousands" of skilled individuals to the UK, enhancing the economy.
The government aimed to distribute the income from the new scheme tax-free to the lowest paid, addressing wealth inequality.
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