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.
September 25, 2024
43 Articles