Reform’s ‘Robin Hood’ plan amounts to £31bn tax cut for wealthy, say tax experts ...Middle East

The policy would also leave a £34bn hole in the public finances, they said.

The funds would be redistributed directly to about 2.5 million workers earning a full-time salary of less than £23,000.

Speaking in central London, he said: “Many talented people are leaving and we want as many entrepreneurs, as many risk-takers, as many job creators, as many people paying lots of tax, as many people investing huge sums of money.”

Even if non-doms spend £2.5bn on Britannia cards, the £34bn in lost tax receipts effectively means foreigners would get a tax cut of £31bn, experts said.

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Wily Nigel Farage has over-reached with the 'Britannia Card'

He said the shortfall was a “big problem” that would force Reform to raise taxes, cut spending or increase borrowing.

Another plank of Reform’s plans would involve abolishing a four-year exemption which allows new UK residents to be exempt from most taxes for four years and was introduced to replace the non-dom regime.

He said the policy “doesn’t make any economic sense”.

Dan Neidle, director of the Tax Policy Associates think tank, said Reform made an “error” and did not think through the implications for people who are already in the UK, for whom this £250,000 fee would just be an expense.

He said the policy was likely to backfire and lead to skilled professionals such as doctors, lawyers and bankers deciding not to come to the UK.

Earlier this month the Institute for Fiscal Studies said Reform’s previous pledges “do not add up”, with tax cuts costing nearly £90bn and spending increases of £50bn a year.

When pressed on the £34bn cost of his policy, Farage insisted the proposed change to non-dom tax rules was “very attractive” – but added that he was “not clever enough” to answer questions about the overall costing for the policy.

He dismissed criticism as “off-the-wall nonsense”.

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