Five things: Non-dom tax rules

5. Then why is Labour wanting to scrap non-dom status? Labour believes that getting rid of this tax status would generate several hundred million pounds more per year in tax revenue than would keeping the status. It is unclear how many would decide to leave the UK, and therefore not be paying any UK tax. How much these non-doms have in overseas assets is also unknown, so it is therefore difficult to tell how much money could be raised by taxing them. This policy could also play to Labour’s desire to appeal to working class Britons. Many could think this tax status could be open to abuse, as it could be said that these individuals are essentially paying the UK government to help them avoid paying taxes.

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