Overview

• Jeremy Hunt is considering scrapping non-dom status to fund tax cuts, a move that could raise an estimated £3.6 billion a year.
• The decision to potentially abolish non-dom status is seen as politically sensitive, especially given past Conservative resistance and its personal implications for the Prime Minister's family.
• Labour has long advocated for the abolition of non-dom status, proposing to cut the duration of benefits to just four years.
• Economists and tax experts warn that scrapping non-dom status could drive wealthy individuals away from the UK, potentially costing more in the long run.
• No final decision has been made on the measure, with the final round of economic and fiscal forecasts from the Office for Budget Responsibility due later this week to determine its necessity.