The policy would mean “every high-net-worth newcoming (or returning leaver)” would pay a £250,000 one-off fee “in return for a stable, indefinite remittance-style regime on offshore income and a 20-year inheritance-tax shield”, Reform leader Farage wrote in an article for the Telegraph.
Labour described Reform’s policy as a “golden ticket for foreign billionaires to avoid the tax they owe in this country”.
The Labour Government abolished the non-dom tax status in April, which is where UK residents whose permanent home or domicile for tax purposes is outside the UK.
Farage claimed his plan would mean around 2.5 million “hard-working Britons” would receive an “annual cash bonus”of around £600 a year.
“It is a one-time flat tax paid by newcomers in exchange for the certainty of a favourable tax status.
“But they won’t be taxed on offshore income and gains for the duration of their agreed status.”
“As ever with Reform, the devil is in the detail.
Additional reporting by the Press Association
Read More Details
Finally We wish PressBee provided you with enough information of ( Reform UK reveals ‘Robin Hood’ policy plan for non-doms )
Also on site :