Chancellor Reeves' non-dom tax break proposal may generate only £1B annually, not £3.2B.

Chancellor Rachel Reeves' proposal to end a tax break for wealthy foreigners, known as non-doms, may not generate the expected £3.2 billion annually. The Office for Budget Responsibility now estimates a potential loss of £1 billion in revenue. This plan aims to close a £39.8 billion tax gap, but skepticism remains among the public, with many doubting the effectiveness of efforts to combat tax evasion and the impact of wealthy individuals potentially leaving the UK.