UK's Farage promises non-doms protection from tax on overseas assets
Nigel Farage
's Reform UK party is offering non-doms full exemption from tax on their overseas assets for a fee of £250,000 ($335,000) every 10 years with the revenue redistributed to lower income workers, drawing a new battle line with Britain's traditional parties.
Farage's proposal pits him against both the Conservatives, which last year abolished non-dom status for those who live in Britain but have their permanent home abroad, and the Labour government, which went one step further after winning the election last July by imposing inheritance tax on their global wealth.
Thousands of people in Britain have left in protest at Labour's inheritance tax measure, including some of the country's wealthiest individuals. Chancellor of the Exchequer Rachel Reeves is now exploring changes to bring them back. Inheritance tax is charged at 40% in the UK, one of the highest rates in the developed world.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
If You Eat Ginger Everyday for 1 Month This is What Happens
Tips and Tricks
Undo
Farage would reinstate the old non-dom regime that protected them from tax on their overseas income, including inheritance tax, to reverse the exodus of the rich and business elite. Under Reform's so-called 'Britannia Card,' non-doms would have to pay the £250,000 fee. The Times first reported the story.
(Join our
ETNRI WhatsApp channel
for all the latest updates)
Proceeds from the levy would be transferred directly into the bank accounts of the lowest-earning 10% of workers. Reform estimated about 2.5 million people on a full-time salary of less than £23,000 would get £600 each if 6,000 non-doms paid for the Britannia Card.
Live Events
You Might Also Like:
UK may rethink non-dom inheritance tax as wealthy foreigners exit
Reform has become a credible threat to Britain's traditional two party system. It is leading in the polls and Farage is developing a more coherent policy agenda than with his former UKIP and Brexit parties, when he led largely single issue campaigns against the European Union. Critics warn that his plans for big tax cuts on working people paid for by slashing the size of the state could prove undeliverable.
Reform's £250,000 'landing fee' is a little cheaper than the former non-dom regime under which there was an annual fixed charge of £30,000 if an individual lived in the UK for seven of the last nine tax years, rising to £60,000 if it was 12 of the last 14 tax years. Restoring the non-dom status would also cost Reform the £33.8 billion of income that the Office for Budget Responsibility estimated the Conservative and Labour changes will generate over this parliament.
Companies House data compiled by Bloomberg found evidence of an exodus of more than 4,400 directors of UK businesses since last July. In April alone, when the tax hikes kicked in, departures were up about 75% from 12 months earlier.
You Might Also Like:
UK replaces passport stickers with eVisas for some: What you need to know if you're planning your travel
UK's tougher immigration stance may undermine efforts to meet net zero by 2050
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
32 minutes ago
- Time of India
UK eyes more high skilled Indian professionals through Global Talent visa
The United Kingdom is looking to deepen its scientific and academic relationship with India by inviting more high-skilled professionals through its Global Talent visa scheme, British Science Minister Lord Patrick Vallance said on June 20, while speaking at the 'Unlocking UK-India Collaboration for a New Era of Innovation' session at the India Global Forum in London, Vallance said India's growing strength in science and technology offers strong potential for bilateral cooperation. 'There is already a strong relationship between India and the UK, and I think it's growing,' Vallance said. 'But government-to-government relationships on science aren't actually what drives everything. It has to be a scientist and a scientist as well.' The UK government plans to announce a new Industrial Strategy in the coming weeks, which will outline key international partnerships, including India, with a focus on science, innovation, and skilled mobility. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These Companies Are Overcharging You For Florida Auto Insurance Smart Lifestyle Trends Learn More Undo Global talent visa in focus (Join our ETNRI WhatsApp channel for all the latest updates) The UK's Global Talent visa aims to attract top-tier individuals from around the world who have demonstrated leadership—or the potential for it—in academia, research, arts, culture, or technology. Available to professionals aged 18 and above, it targets both established figures and emerging leaders in these fields. Live Events MORE STORIES FOR YOU ✕ UK's Farage promises non-doms protection from tax on overseas assets UK's Britannia Card: All about Nigel Farage's plans to charge rich expats £250,000 to give to the poor « Back to recommendation stories I don't want to see these stories because They are not relevant to me They disrupt the reading flow Others SUBMIT Applicants typically need to secure an endorsement from a relevant UK body—such as the Royal Society for Science or Arts Council England for culture—unless they've already won a qualifying international award. Candidates can apply for the visa through the UK Home Office . The endorsement stage generally takes 4 to 8 weeks for a decision. After receiving endorsement, applicants must submit a visa application to UK Visas and Immigration (UKVI). The standard visa processing time is around 3 weeks when applying from outside the UK. Applicants are required to pay an endorsement fee of £524 and a visa application fee of £192. Additionally, the immigration health surcharge is £624 per year. The visa is typically granted for up to 5 years and is extendable, with eligibility for permanent settlement after 3 to 5 years depending on the endorsement type. To bring flexibility and international expertise into the UK, the visa supports long-term settlement: individuals recognised as established leaders may qualify for indefinite leave after three years, while those with emerging promise have a five-year path to settlement. Family members can also be included in this program.
Time of India
34 minutes ago
- Time of India
Bitcoin falls below $99K amid Middle East tensions; Altcoins drop up to 4%
Bitcoin briefly slipped below the $99,000 mark early Monday, pressured by escalating tensions in the Middle East and broad risk-off sentiment across financial markets. As of 11:59 am IST, Bitcoin was down 1% at $101,913 after hitting an intraday low of $98,286. Ethereum dropped 2% to $2,246. The global crypto market cap fell 1.18% to $3.12 trillion, according to CoinMarketCap. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Building Automation Systems Software Cost Might Surprise you Automation Systems | Search Ads Undo Altcoins also declined sharply: XRP fell 3%, BNB 2%, Solana 1.5%, Tron 2%, Dogecoin 2%, Cardano 1.5%, while Sui, Stellar, Toncoin, and Shiba Inu lost between 1.5% and 4%. Crypto Tracker TOP COIN SETS Crypto Blue Chip - 5 -7.00% Buy NFT & Metaverse Tracker -12.87% Buy Web3 Tracker -13.29% Buy AI Tracker -13.56% Buy DeFi Tracker -14.53% Buy TOP COINS (₹) Solana 11,657 ( -0.24% ) Buy Bitcoin 8,843,545 ( -0.36% ) Buy Ethereum 195,976 ( -0.44% ) Buy BNB 54,142 ( -1.18% ) Buy XRP 176 ( -2.14% ) Buy The fall comes after the U.S. launched strikes on Iranian nuclear sites over the weekend, heightening fears of retaliation and energy supply disruption. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » 'Bitcoin briefly went below $99,000 in reaction to the escalation of the conflict between the US and Iran,' said Vikram Subburaj, CEO of Giottus Crypto Platform. 'If tensions escalate, Bitcoin could test $92,000, where it may find a local bottom.' Live Events CoinSwitch Markets Desk added that Bitcoin broke below the $100K mark over the weekend and took support near $98.2K. 'If the Strait of Hormuz is closed, Bitcoin could dip further. Key support lies in the $94K–$98K range. However, if the situation de-escalates, BTC's chart is forming an inverse head and shoulders pattern that could signal a move towards $135K.' Also Read: From thrill to trust: How Gen-Z is redefining crypto investing in India Investors are also watching the U.S. Federal Reserve closely amid concerns that rising oil prices could delay interest rate cuts. Fed Governor Christopher Waller recently backed a July cut, but most policymakers remain cautious, with a September move seen as more likely. Fed Chair Jerome Powell is set to testify this week. 'The geopolitical risks and a hawkish Fed are keeping market volatility elevated,' said Shivam Thakral, CEO of BuyUcoin. 'Bitcoin is holding above $100K, but the support is weak due to sustained selling pressure.' Despite the fall, some market participants see signs of accumulation. 'Bitcoin is on a recovery path, rebounding nearly 3% from weekend lows,' said Edul Patel, co-founder and CEO of Mudrex. 'On-chain data shows long-term holders stepping in while short-term sellers retreat — a pattern historically seen near market bottoms.' Sathvik Vishwanath, CEO of Unocoin, noted that Bitcoin dropped from $111.8K to ~$98.5K, wiping out $80 billion in market cap and triggering a liquidation of over $750 million in long positions. 'BTC has entered a demand zone near $98K. A daily close below $97.8K could extend losses to $92.5K. But a bounce above $101K may trigger a move towards $105K–$107.6K,' he said. Also Read: XRP could hit $5 by 2025, Solana eyes $300: Bitget analyst explains what's driving the rally
Time of India
43 minutes ago
- Time of India
Andhra Pradesh accident: RTC bus enroute Visakhapatnam collides with lorry on national highway, 8 injured
Representative Image NEW DELHI: An RTC bus en route to Visakhapatnam from Narsipatnam met with an accident near Bayyavaram in Andhra Pradesh on the national highway. The bus collided with a lorry in front of it, resulting in injuries to eight people, including the driver. Inspector Swamy Naidu of Kasimkota confirmed that eight individuals sustained injuries when the lorry collided with the bus. The injured persons were transported to a local government hospital for medical care. Additional information is pending. In a separate incident last month, eight devotees lost their lives when a 20-foot section gave way at the Sri Varahalakshmi Narasimha Swamy temple in Visakhapatnam during the Chandanotsavam celebrations. Relatives of the victims were seen grieving outside Visakhapatnam's King George Hospital following the accident. Jogarao, a relative of Uma Maheswarao's family, explained that a recently built wall had claimed four lives from one family. The deceased couple had been employed as IT technicians. "A wall was recently constructed, and four lives of a family were lost due to the wall. Both the wife and husband worked as IT technicians. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo We are demanding justice for the family. How can a wall constructed without a pillar support? I am demanding that the contractor and engineer of the wall construction. The Government should announce one crore ex gratia and one government job to family members. Without announcing it, we wouldn't allow to perform postmortems on the deceased bodies", he said. Another family member expressed their demand for a thorough investigation and called for government action against officials responsible for the substandard wall construction. "We need justice for losing our family members. The government should take action against the officers involved in the poor construction of the wall. Four members of my family lost their lives at the same time. Who will take responsibility for our family? The government should give one government and ex gratia to us", the family member said.
