Reeves’ Abolition of Non-Dom Status Will Cost Thousands of Ordinary Jobs – Guido Fawkes

Reeves’ Abolition of Non-Dom Status Will Cost Thousands of Ordinary Jobs

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Rachel from Accounts is pursuing non-doms by abolishing their tax status – many have already fled the UK, as Guido has charted. The Times reports this morning on the impact on tax revenues, which could be £4.6 billion lower in five years…

That’s according to research from the Centre for Economics and Business Research, commissioned by Andrew Barclay’s dynamic campaign Land of Opportunity. The report also finds that an exodus of non-doms will lead to 3,200 fewer jobs in the private sector if 25% of non-doms leave (the central scenario). If half of non-doms leave, it will cost more than 6000 jobs…

Mr Barclay told Guido:

“The Chancellor’s policy on non-dom taxation is an enormous puncture in the UK economy – it is costing jobs, growth and nearly £17 billion in lost tax receipts. The government claim to be pro-business yet is doing everything possible to drive foreign entrepreneurs out of the country. If ministers truly care about Britain’s competitiveness, they should urgently reverse the inheritance tax grab for on global assets and guarantee that their own repatriation scheme won’t be treated as a tax dodge in the future. Otherwise, this policy risks becoming a classic case of economic vandalism.”

Bang on the money…