Posted 3/3/2024, 12:10:00 PM
Labour Proposes Ending 'Non-Dom' Tax Break as Parties Spar Over Upcoming Budget
- Labour's proposal to abolish "non-dom" tax status would be an "abject humiliation" for the Tories if implemented, says shadow minister Phillipson
- Non-dom status allows some wealthy UK residents to avoid paying tax on overseas income and assets
- Chancellor Hunt is considering similar moves as well as extending the windfall tax on energy companies
- Hunt plans to cut civil service jobs back to pre-pandemic levels and reduce "red tape" to raise revenue
- The upcoming budget aims to be "prudent and responsible" for long-term growth, but Hunt says lower taxes spur faster growth