Nigel Farage has set up a radical tax policy that gives new or returned non-domes the opportunity to praise them from tax payments and pay a one-off fee of £250,000 to encourage them to stay in the UK.
Reform UK leaders argue that revenues will be given to the lowest payments in the country, but one tax expert warned that the policy would cost £7 billion a year.
Based on the plan, detailed on Monday, the non-dons will pay a one-time entry contribution in exchange for a stable, indefinite remittance-style regime on offshore income and a 20-year inheritance tax shield.
The abolition of the non-Dom government, announced by previous conservative governments and tightened by inaugurated labor, led to several well-known people who say they will be leaving the UK, including steel billionaire Lakshmi Mittal.
Farage admitted on Monday that no one has any exact details about how many non-domes have left the country, but “all the stories we’ve got from central London are that it’s becoming a very rapid departure, and that’s devastating for our country.”
The reform policy, called the “Robin Food Style” movement, looks directly at HM’s revenues and customs transfer revenues directly into the 10% bank accounts of the lowest earnings of full-time workers.
The party said that around 2.5 million workers with full-time salaries under £23,000 would be given £600 if 6,000 non-domes are paid for the so-called Britannia card at a cost of £1.5 billion.
The party said its policy would create a “transparent link” between the wealthiest and the poorest in Britain, and restore the “social contract” between them.
“We will restructure the social contract by ensuring that every wealthy individual who wants to move here makes a tangible contribution to the UK’s lowest earners,” Farage said.
The party ahead of the polls has increased appeals to working-class voters as Faraj wants to take advantage of former labor supporters who are unhappy with Ir Kier’s prioritizer.
However, tax expert Dan Niedel estimated that the policy would be a tax cut for the super wealthy people who would cost the Treasury at around £34 billion over five years, or around £7 billion a year.
He also argued that the symbolism would probably be very limited as the reform government struggles to persuade the very wealthy people that Britannia Card offers a truly long-lived exemption, as future governments could reverse policies.
Farage said the policy was an attempt to stop wealthy individuals leaving the country after the labor government introduced new restrictions on non-territories.
The Financial Times revealed this month that Prime Minister Rachel Reeves has overturned her decision to charge UK succession taxes on non-territorial world assets after a heavy lobbying by the city of London.
“The UK’s policy against non-dominant taxpayers (“non-domes”) has been a fragmentary tightening under successive conservative prime ministers to a complete abolition under the current labour government,” he wrote in the Daily Telegraph on Monday.
“The result is a record-breaking and surprising departure of high-value, high-taxpayer residents.”
Farage said at a press conference on Monday that seducing non-territories means spending more in the UK.
“The last quarter of a million is the tip of what these people will spend on income and taxes in this country if they return. Think of the average stamp duty they pay in the home they buy in Westminster or Chelsea.
“These people are big spenders, yes, this is a one-way move, but that’s a very strong view of us.
However, Labour said that non-domes only want to pay their Britannia cards if the fees charged are less than the amount of taxes they already pay.
Labour said the policy resembles the previous conservative government administration, under which long-term non-domes could pay £30,000 a year to be taxed on a “remittance basis.” Traditionally, non-domes paid taxes on British incomes, but generally avoided taxes on foreign income and profits.
“The reform policy equals a fee of £25,000 per year in non-territories, less than previous fees based on the Conservative Party, which was £30,000 per year,” he added. “So it not only restores the Tory Non-Dom regime, but also makes the tax credit even more generous than under Tory.”
