Labour’s Non-Dom Tax Policy Mirrors Conservative Approach
Labour’s proposed non-dom tax policy has been criticized for being copied from the Conservatives. It aims to raise funds for schools and the NHS by closing tax loopholes, but experts warn it may cause an exodus of the wealthy. The policy seeks to change the period non-doms can avoid UK tax from 15 to 4 years and targets inheritance tax benefits.
Labour’s proposed ‘non-dom’ tax policy, intended to raise funds for schools and the NHS by closing tax loopholes for wealthy individuals, has been criticized for being largely copied from the Conservatives.
Chancellor Rachel Reeves dismissed concerns over the policy’s potential negative impact, despite warnings that it could lead to an exodus of the super-rich.
The policy aims to reduce the period non-doms can avoid UK tax on overseas income from 15 years to four, but experts suggest five years would be more effective.
The proposal also targets non-dom inheritance tax benefits, which has raised concerns among financial sector professionals.
Chancellor Rachel Reeves dismissed concerns over the policy’s potential negative impact, despite warnings that it could lead to an exodus of the super-rich.
The policy aims to reduce the period non-doms can avoid UK tax on overseas income from 15 years to four, but experts suggest five years would be more effective.
The proposal also targets non-dom inheritance tax benefits, which has raised concerns among financial sector professionals.
