Chancellor Rachel Reeves announced at the World Economic Forum that the government's plans to eliminate the non-dom tax status will include amendments that allow a more generous phase-out of tax benefits for non-doms. The Labour party aims to scrap this status to reduce perceived unfairness in the tax system while raising funds for public services. Critics worry this could drive wealthy residents abroad, though the government insists the changes will not significantly alter expected revenue of £12.7 billion over five years, and are part of a broader strategy to stimulate economic growth.
Reeves told an audience at the World Economic Forum that amendments would allow a more generous phase out of tax benefits for non-doms, addressing concerns.
Labour's pledge to eliminate non-dom tax status aims to correct perceived unfairness in the tax system and raise additional funds for public services.
Downing Street confirmed that upcoming legislative tweaks would align with the government’s goal of replacing the outdated non-dom tax regime without shifting overall policy.
The expectation is for the new tax system to generate £12.7 billion over the next five years while promoting economic growth by attracting talent.
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