Reform’s non-dom plans branded £34 billion ‘bonanza for billionaires’
Reform UK leader Nigel Farage (right) and Zia Yusuf during a press conference in Westminster, London, June 23, 2025 Reform UK leader Nigel Farage (right) and Zia Yusuf during a press conference in Westminster, London, June 23, 2025REFORM UK’s proposed change to non-dom tax rules were branded today a “bonanza for billionaires” that would cost the public purse £34 billion a year.
Party leader Nigel Farage insisted the change would be “very attractive” despite admitting he’s “not clever enough” to answer questions about the suggested hit to Britain’s economy.
He said that he believed “tens of thousands of people” would come to Britain “on this ticket” if Reform was successful.
The far-right party said that it would reinstate non-dom status for wealthy individuals in exchange for a £250,000 one-off fee which would be given to Britain’s poorest workers.
Under the “Britannia Card,” non-doms would be offered a 10-year renewable residence permit and a return to the controversial arrangement whereby overseas income can be shielded from British tax.
They would also avoid inheritance tax, with the one-off payment then being distributed to Britain’s bottom 10 per cent of earners.
The Labour government abolished the non-dom tax status in April, which is where British residents whose permanent home or domicile for tax purposes is outside the country.
Today Dan Neidle, founder of Tax Policy Associates, said that the policy would cost Britain £34 billion
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The £34bn cost of Reform UK’s “Britannia card” proposal
Reform UK is proposing a “Britannia card” that would let wealthy foreigners pay a £250k fee to move to the UK and live here exempt from all tax on their foreign assets. All fees received would be distributed, “Robin Hood”-style, to the 2.5 million lowest-paid workers in the UK.
Reform UK don’t include any analysis of the cost of their proposal. Our analysis of OBR data suggests the cost would likely be around £34bn over five years.
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[T]he card would provide a very large and expensive tax windfall to a small number of very wealthy people who are already here. Office for Budget Responsibility data shows that this would amount to £34bn of lost Government revenue over five years. That would have to be funded by either tax increases or spending cuts.
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