Reeves plans to soften non-dom reforms after listening to concerns
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Rachel Reeves has said she plans to soften the proposed tax regime on non-doms after listening to their concerns. Downing Street said the move does not “change the overall approach” to the Government’s policy. The Tories said it showed that Labour’s Budget was “falling apart in front of our eyes”.
The Chancellor said she would be tabling an amendment to the plans for taxing non-domiciled residents after “listening to the concerns” they raised. The changes will increase the temporary repatriation facility, which allows non-doms to bring money into the UK without paying significant taxes on it.
It comes after analysts said the additional taxes had prompted an exodus of millionaires. The Chancellor said taxes on non-doms were increased to raise funds for public services, in an interview at the World Economic Forum in Davos with the Wall Street Journal.
“But we have been listening to the concerns that have been raised by the non-dom community,” Ms Reeves said. “And in the finance bill, we will be tabling an amendment which makes more generous the temporary repatriation facility, which enables non-doms to bring money into the UK without paying significant taxes.”.
In the finance bill, we will be tabling an amendment which makes more generous the temporary repatriation facility, which enables non-doms to bring money into the UK without paying significant taxes. The Treasury said the non-dom reforms are still expected to raise the £33.8 billion of tax revenue forecast by the OBR with the change taken into account.
