Well, well, well. It seems that Sir Keir Starmer’s Labour government is looking to row back on its non-dom rules after Britain suffered an exodus of millionaires after the introduction of the policy. Talk about a quick turnaround…
Speaking at a fringe event in Davos with the editor of the Wall Street Journal, Rachel Reeves announced the Labour government is planning to table an amendment to the Finance Bill. The Chancellor said that:
We have been listening to the concerns that have been raised by the non-dom community. The government amendment will increase the temporary repatriation facility, which enables non-doms to bring money instantly to the UK without paying significant taxes.
Trade Secretary Jonathan Reynolds backed up his colleague, remarking: ‘We welcome people coming to the UK and we’ll have a specific kind of tax treatment that they would expect.’ Similarly a Treasury insider told the Times: ‘We’re always interested in hearing ideas for making our tax regime more attractive to talented entrepreneurs and business leaders from around the world to help create jobs and wealth in the UK.
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