LONDON – Reform UK has unveiled a controversial immigration proposal offering 10-year UK residency permits to wealthy foreigners for £250,000, coupled with exemptions on overseas wealth taxation. The "Britannia Card" directly challenges Labour's abolition of non-domiciled tax status, which has triggered an exodus of high-net-worth individuals (HNWIs) from Britain.
2023-24 Data:
| Source | Claim |
|---|---|
| Reform UK | 6,000 annual cards → £600 payments for 2.5M low earners |
| Labour Party | £2.5B annual cost → requires offsetting tax hikes |
| Tax Policy Associates | £34B+ deficit over 5 years |
| IFS | Net fiscal effect "far from clear" |
Criticism:
Silent Shift?:
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