A New Way to Pay Less Tax in the UK

Reform UK has a new idea. They want to let non-doms, people who live in the UK but have a home abroad for taxes, pay a big fee. This fee is £250, 000. In return, they won't pay some UK taxes. This includes taxes on money made abroad, capital gains, and inheritance tax. The money from these fees would go to the lowest-paid workers. Reform UK thinks this could bring in £1. 5bn to £2. 5bn every year. That's about £600 to £1, 000 for each of the lowest-paid full-time workers. Nigel Farage, the leader of Reform UK, thinks this will attract more people to the UK. He believes it will bring in entrepreneurs and investors. He also thinks these people will pay more taxes in the long run. But not everyone agrees. Labour's Rachel Reeves calls it a "tax cut for foreign billionaires. " She argues that the UK would lose money and might have to cut public services or raise other taxes. Farage says the initial £250, 000 fee is just the start. He believes these people will spend more money in the UK, paying stamp duty and VAT. He also thinks it won't affect affordable housing prices.