Labour’s Non-Dom Crackdown Could Cost UK £1 Billion a Year
- Oxford Economics says many planning to leave if plans go ahead
- Starmer has pledged to end preferential tax status for wealthy
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Scrapping a preferential tax regime for wealthy foreigners living in the UK could cost the Treasury around £1 billion ($1.3 billion) a year in lost revenue and drive away global elites.
That’s according to an Oxford Economics report commissioned by Foreign Investors for Britain, a private wealth lobby. It found that many “non-doms” are planning to emigrate if Prime Minister Keir Starmer’s new Labour government presses ahead with its proposed reforms.