Labour’s Non-Dom Crackdown Could Cost UK £1 Billion a Year (1)

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.

Non-doms are British residents who are not domiciled in the UK for tax purposes. As a result, they only pay tax on money earned in the country. Defenders ...