New data from the Adam Smith Insititute won’t make happy reading for Reeves as she battles her officials over Labour’s manifesto tax hikes. The Treasury is already looking at watering down the non-dom tax raid by softening plans for inheritance tax on trusts and introducing a discount on bringing in foreign income. Yet another ‘loophole’ as tax-fanatics would dub it – otherwise known as an ‘incentive’…

The ASI finds that the 4.55% of British residents with over $1 million in assets will plunge to just 3.62% by 2028. They will leave thanks to increased day-to-day taxation, frozen inheritance tax thresholds and capital gains taxes set to rise…

When Transport Secretary Lou Haigh was asked on GB News this morning whether the government would reconsider its non-dom tax seeing as it is now predicted to raise no money at all she said “if people come here they should pay their taxes here… the OBR will properly assess and analyse the impact at the budget.” That famously accurate institution…

In 2024 the number of millionaires is set to fall by 9,500 to 593,000 – compare that to the 708,500 Britain had back in 2007. When the top 1% of earners pay 29% of all income tax receipts it is no wonder that Treasury officials are baulking at Labour’s plans to hemorrhage cash with tax hikes…

Sir Keir Starmer’s grand plan to raid the pockets of non-doms in a tax crackdown could leave a gaping £1 billion hole in funding earmarked for schools and hospitals, according to The Guardian. Treasury officials fear the punitive tax will raise no money at all, driving away the wealthy and draining the coffers…

It’s another example of Reeves and her cronies not understanding that tax hikes only send the rich packing their bags and take their fortunes elsewhere. The plans, initially imposed by the Tories, were flawed from the start.  The OBR initially reckoned scrapping the non-dom tax loophole could rake in £3.2 billion a year, with Labour planning to spend £1 billion of the cash it would supposedly raise on public services. Though the figure was  “highly uncertain” from the start. Labour continuing to create their own ‘black hole’…

The first major survey of non-doms since the election is in. It’s not good news for Reeves’ ‘drive for growth’…

Consultancy Oxford Economics asked non-doms and their tax advisers what their plans were now that Labour will push ahead with its scrappage of the two-century-old scheme: 63% say they are planning on leaving within two years. Taking their £118 million of investment each with them…

Eight-in-ten of them blame the plans to levy inheritance tax on worldwide assets as the final nail in the coffin. 67% meanwhile say they wouldn’t have immigrated to the UK if the scheme was in place at the time. Millionaires are already heading for the door in droves…

HMRC raked in £9 billion from the UK’s 74,000 non-doms last year. Bye bye to that revenue…

The newly-released Henley Private Wealth Migration Report reveals that 9,500 millionaires will leave the UK in 2024 – that’s the second highest gross figure in the entire world, second only to China. It’s also more than double the record 4,200 who upped sticks last year…

Labour is relying on the taxation of a substantial number of high net worth individuals via its expanded non-dom tax. The party’s bogus £3.2 billion revenue figure is derived from research by high-tax zealots Arun Advani and Andy Summers, who spend their time pushing for a highly damaging wealth tax as “Wealth Tax Commissioners“. The research, upon which Labour relies to fund numerous new spending commitments including an extra two million NHS appointments per year, wrongly assumes that most non-doms will stay in the UK. In 2021-22 each non-dom already paid on average £158,000 in tax. That cash is jetting out of the country as we speak…

The number of millionaires in the UK has dropped by 8% over the past decade – that trend is only speeding up. The top 1% already pay over 30% of all income tax. A crucial revenue source in the process of being killed by Labour and Jeremy Hunt…

A series of Treasury briefings over the past few weeks paints a picture of a budget that looks very much like it’s designed to whack wealth – a surprising budget in this respect from fiscal hawks and multimillionaires Sunak and Hunt. Tory donors will be coughing on their cornflakes as non-dom status is abolished (a straight Labour policy) – confirmed in a briefing to the FT this morning. Has CCHQ checked how many are non-doms?

Government insiders are asking: is the move prompted by Sunak’s embarrassment at his own family finances ahead of a rough campaign? Far from defusing an electoral issue, will only raise the issue up the agenda for Labour to exploit…

There are severe measures – pushed by team Gove – coming to punish the owners of short term holiday lets – Oxford Economics says short term lets contributed more than £27.7 billion to the UK economy and support more than 50,000 jobs. Business class flight taxes will also be hiked. Don’t mention the fact the taxpayer funded £600,000 of these flights for ministers in the past six months…

Far from outflanking Labour in a genius judo move, Tory MPs and wonks fear these moves will simply shift the conversation onto Labour’s ground. Labour will be delighted with a Budget they can claim is at least partly what they would do – only that they would go further. All while making the point that the Tories have sustained these policies for more than a decade before today’s change of heart. Hunt has previously compared himself to Nigel Lawson – no one believes that now…

A Treasury briefing this morning floats the idea that Jeremy Hunt may scrap non-dom status in the budget next week. That’s the sound of Mrs Murty’s cornflakes being spat out…

Number 11 is in a bind. The parliamentary party has been revved up to expect a pre-election giveaway budget full of tax cuts. A combination of locked-in spending and continued high interest rates has undermined any major measures. The Budget will likely contain fewer tax cuts than the Autumn Statement, causing further backbench ructions…

So Hunt may try to steal Labour’s Marxist non-dom plan. Hunt opposed scrapping non-dom status when Labour announced it, saying:

‘These are foreigners who could live easily in Ireland, France, Portugal, Spain. They all have these schemes. All things being equal, I would rather they stayed here and spent their money here’.

The number of new non-dom taxpayers is dropping significantly – by a whopping 40% in 2021 – while their overall number fell by 11% in one year alone. Over 20% of top-earning international bankers have claimed non-dom status. Many of the top 1% earning over £125,000 — including two-fifths of top earners in the oil industry and one quarter in the car industry — have been non-doms. It’s highly likely that abolishing non-dom status will actually be a cost to the Exchequer as the highly mobile wealth creators in that bracket up and leave the UK. Will Jeremy Hunt be stealing Labour’s VAT plan for private schools next?