Reform UK would reinstate non-dom status for wealthy individuals for a £250,000 fee which would be given to Britain’s poorest workers, Nigel Farage has said.
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.
All of this fee would be given to Britain’s lowest-paid full-time workers through an automatic tax-free dividend via HMRC, he added.
Labour described Reform’s policy as a “golden ticket for foreign billionaires to avoid the tax they owe in this country”.
The MP for Clacton said he would formally unveil the policy, called the ‘Britannia Card’, on Monday, promising to “encourage the return of wealth and talent to the United Kingdom”.
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.
Last year, former Conservative chancellor Jeremy Hunt revealed plans to scrap the tax status before successor Rachel Reeves sped up the process.
Farage claimed his plan would mean around 2.5 million “hard-working Britons” would receive an “annual cash bonus”of around £600 a year.
He added: “Our policy is not a ‘golden visa’ or a backdoor to citizenship.
“It is a one-time flat tax paid by newcomers in exchange for the certainty of a favourable tax status.
“Individuals will still be liable for all standard UK taxes on UK-sourced income, property and spending.
“But they won’t be taxed on offshore income and gains for the duration of their agreed status.”
A Labour spokesperson said: “Nigel Farage can brand this whatever he wants – the reality is his first proper policy is a golden ticket for foreign billionaires to avoid the tax they owe in this country.
“As ever with Reform, the devil is in the detail.
“This giveaway would reduce revenues raised from the rich that would have to be made up elsewhere – through tax hikes on working families or through Farage’s promise to charge them to use the NHS.”
Additional reporting by the Press Association
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