“Cheap Too” – Non -Dom Reform Reform Reform Tax Package £ 250 thousand

The new ‘Robin Hood’ non-dom-style policy in the UK has been given a cool reception by British tax experts, who have been “too cheap” and warned that it can even cost £ 34 billion in lost tax revenue.

The Nigel Farage Party, which is currently at the top of the poll, launches a plan for a £ 250,000 flat tax regime for rich foreigners, the results of which will be distributed directly to a bank account from a 2.5 million worker in a landing design under the work population.

Under the proposal, non-dom who pays a one-time cost in return for what reforms are dubbed ‘Britannia Card’, will immediately get the right to stay and work in the UK for a decade without their foreign income or the benefits responsible for British taxes.

This scheme is similar to what currently exists in Greece and Italy, both of which benefit from the entry of former non-dom based in the UK after the government chose to cancel the old non-DOM regime in the autumn budget last year. But industrial experts have accused the best reform of not enough to charge the cost of ‘cards’, highlighting “very serious problems” that are bound in any practical launch.

‘Bonkers’

James Quares, the founder of the Stephenson Harwood personal wealth team, supported the advanced scheme approach and could not be returned to tax non-DOMs, while the brand of other elements of “crazy”.

“I like the policy but … too cheap,” he said AM City. “Britain has more to be offered than Italy or Greece, so something is around £ 100,000 to £ 150,000 [per year] will be right. In front of it £ 1 million or £ 1.5 million. If we attract 10,000 non-doms, which will be easy, then that is £ 15 billion in new income. “

“Nigel’s other plan is crazy,” he added. “This is a strange tax policy. Taxes go to [the Treasury] And the government must spend it for the service or the benefits of frontlines. Only distributing tax -free cash randomly very silly. “

Writing on the telegraph, Farage said, “We will rebuild social contracts by ensuring that every rich individual who wants to move here makes a real contribution to the lowest British breadwinners.”

Speaking at the launch of non-dom reform policies on Monday, former Chairman of the Party Zia Yusuf said: “We seem to give prices based on the number of people who want to pay … this is not imposing taxes or working hard in this country to their wishes and re-distributing. This is money that comes from people who will not be here.

Non-DOM policy reforms have a ‘significant problem’

But the founder of the Associates of the Tax Policy and Neidle said there were “significant problems” with the plan, the direct effort of the reform to stem the outflow of the dominant that had triggered a wave of high profile departure and a 20 percent hit report to the Super Prime London property market.

“[The policy as outlined by Reform] “Will prevent very skilled professionals from moving here – they cannot afford to pay £ 250,000 and will face a much worse tax view than they have ever had in the UK,” he added.

Neidle, a former tax head at Clifford Chance, continued: “[It would also] Give a very large and expensive windfill to a small number of people who are very rich who are already here. Office data for budget responsibilities shows that this will amount to £ 34 billion from government revenue lost for five years. “

Others questioned whether the policy would be able to prevent the outflow of rich citizens unless the government is currently adjusted to the next election.

Miles Dean, Head of International Taxes at the Andersen Plantation Planning Shop, said: “I am worried that the damage has occurred and I doubt that this alone is enough to attract non-domic rich, especially considering the implementation of at least 4 years.”

And Leslie Macleod-Miller, Chief Executive of Non-DOM Foreign Investors Lobby for Britain said: “Reform has challenged other political parties to make a clear and urgent statement that they welcomed global wealth and understood the red line that had an impact on them.”

He added: “We urge the government not to wait until all golden geese have flown. Time to act now – by listening to business and those who benefit from frontline services, and by making a clear statement of intentions to maintain and attract the most dynamic investors in the world before it’s too late.”