What Farage’s ‘Robin Hood tax’ could really cost the UK

• Reform UK is proposing a "Britannia card" scheme, replacing the non-dom status, allowing wealthy individuals to pay a one-off £250,000 fee.
• Nigel Farage and Reform UK believe this scheme would attract wealthy individuals back to the UK, generating £2.5 billion annually to fund a £1,000 dividend for low-income earners.
• Tax expert Dan Neidle of Tax Policy Associates warns the Britannia card could cost the economy £34 billion over five years.
• Mr Neidle argues the scheme would discourage highly skilled professionals, face limited take-up from the very wealthy, and provide a significant tax windfall to existing wealthy individuals.
• Reform UK maintains the scheme is already attracting interest and is necessary to reverse the flow of wealthy individuals and company directors leaving the UK due to current tax regimes.

IN FULL

Farage’s ‘Robin Hood tax’ would cost UK £34bn a year, warns tax expert