Taxation: Domicil
The question
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential costs of the Reform Party policy on the Britannia Card.
Answered by James Murray
The OBR has certified that the non-dom reforms the Government have implemented will raise £33.8 billion in total revenue over the five-year forecast period. Abolishing these reforms would result in lost revenue that would need to be raised through higher taxation or cuts to spending on essential public services.
As the Chancellor set out at the Spring Statement, the Government will continue to work with stakeholders to ensure that the new residence-based regime is internationally competitive and focused on attracting the best talent and investment to the UK.
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