The non-dom tax regime — which dates back more than 200 years – is to be scrapped if Labour takes the keys to Downing Street. Labour have just released spending plans to “rescue” NHS dentistry at a cost of £111 million, which they claim will be funded by abolishing the regime. There are nearly 70,000 non-doms in the UK, with majority of them paying a £60,000 fee to the Treasury to maintain their status. Labour claims scrapping the regime will raise £3.2 billion, though from 2021-2022, non-doms paid £12.4 billion to the taxman. Much like many of Labour’s fiscal policies, the sums don’t add up…

As Labour look likely to win the next election, firms say many non-doms are “already packing parachutes” and taking their taxable cash with them. Overall non-dom numbers have already fallen by 11% in 2021 in response to tax threats from politicians. Economists have warned that abolishing the remittance basis of tax that non-doms use could result in much less tax revenue and an exodus of talent – hitting the taxpayers’ wallet and kiboshing Labour’s black hole spending plans. Brits’ teeth will be all the worse off…