Chancellor Reeves Considers Revision of Non-Dom Tax

Chancellor Rachel Reeves is reconsidering her planned crackdown on non-doms due to concerns that it may not generate the expected £1 billion in revenue and could potentially cost the government money. Treasury officials have indicated that the Office for Budget Responsibility (OBR) forecasts may suggest the policy could lead to wealthy individuals spending less time in the UK, thereby decreasing tax income. Although a spokesperson for the Treasury dismissed these concerns as speculation, Reeves remains open to adjusting her proposals ahead of the October 30 Budget. Labour initially aimed to close the non-dom loophole to raise billions for public services, including the NHS. Critics, including former Bank of England economist Andy Haldane, warn that such measures might deter investment and harm business confidence in the UK. The final decisions on the tax regime are expected to align with Labour's manifesto commitments while addressing the potential economic impact.