Reeves Reconsiders Non-Dom Tax Reform Amid Revenue Concerns

The Chancellor may adjust plans to abolish non-dom status due to fears it could drive wealthy individuals away and reduce tax revenue.

• Chancellor Rachel Reeves is re-evaluating Labour’s plan to end non-dom tax status over concerns it may not raise the expected revenue.
• The Budget Responsibility (OBR) has warned that the policy could lead to an exodus of wealthy individuals, potentially costing the Treasury money.
• Treasury officials are worried that the proposed changes might reduce the tax take by as much as £1 billion annually.
• Key figures in the property market and financial sectors have expressed concerns about the negative impact on investment and the overall economy.
• The government is exploring alternative measures, including modifying inheritance tax rules and implementing transitional arrangements to mitigate the impact.

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