As the brand new polls present the populists from Reform UK on observe to win the subsequent British Normal Elections, extra strain has been placed on chief Nigel Farage to begin revealing extra of his plans for an anticipated Reform UK authorities.
One salient level of Farage’s disagreement with Keir Starmer’s Labour Cupboard is in regards to the ‘tax raid’ on overseas ‘non-dom’ millionaires.
Since Starmer got here to energy, the UK’s millionaire exodus has amounted to dropping 530,000 common taxpayers, one thing Farage means to revert.
In response to a January Unbiased report, greater than 10,800 millionaires have left the UK simply in 2024, ‘the second-highest millionaire exodus globally after China’ – departures attributed to tax raids, together with the abolition of ‘non-dom standing’ and the inheritance tax modifications.
Since every millionaire’s tax contribution reportedly equals 49 common taxpayers, the loss is the same as 529,200 common taxpayers.
In style locations for the fleeing millionaires (and billionaires) embody Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore.
In the present day we launched the Britannia card.
We are going to cost rich non-doms to stay within the UK, with these funds paid on to our lowest-paid full-time employees.
We are going to restore the social contract. pic.twitter.com/C09ledRgC8
— Reform UK (@reformparty_uk) June 23, 2025
So, right this moment (23) it arises that Reform UK get together has offered plans to supply rich newcomers a ‘Britannia Card’ ‘to achieve exemption from tax on worldwide wealth, revenue or beneficial properties for 10 years for a one-off, 250,000-pound ($336,000) fee’.
Reuters reported:
“The coverage attracts a brand new battle line earlier than the subsequent nationwide election with Britain’s governing Labour Get together. The federal government has closed exemptions on so-called ‘non-doms’, or non-domiciled residents, who’ve lengthy paid little or no UK tax on cash earned abroad.”
Farage additionally criticized the failing Conservative Get together for mountaineering taxes on voters when it held energy.
“’We wish, as a celebration, as many entrepreneurs, as many threat takers, as many job creators, as many individuals paying a lot of tax, as many individuals investing big sums of cash – we would like as a lot of them as attainable to be in our nation and that’s the reason right this moment we’re developing with this concept of the Britannia Card’, he mentioned.”
We’re going to restore the social contract. pic.twitter.com/H69sG1kEKl
— Reform UK (@reformparty_uk) June 23, 2025
Labour finance minister Rachel Reeves had the basic, apparent leftist response, and advised reporters that Reform had introduced a ‘tax minimize for overseas billionaires’.
“’That may imply both taxes on peculiar working individuals must go as much as compensate for these lack of revenues, or … Reform must minimize public companies’, she mentioned.”
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