Farage's Britannia Card Faces Criticism Over Revenue Loss

Nigel Farage and Reform UK have proposed a 'Britannia Card' allowing wealthy non-domiciled individuals to pay a one-off £250,000 fee for indefinite exemption from UK tax on overseas income, capital gains, and inheritance tax. Farage claims the policy would attract entrepreneurs and high earners back to the UK, redistributing proceeds to the lowest-paid 10% of workers, potentially offering up to £1,000 each annually. Critics, including Labour and tax experts, warn the scheme could cost the government up to £34bn per year in lost revenue, possibly leading to higher taxes or cuts in public services. Some experts question the feasibility and permanence of the exemptions, citing recent changes to non-dom rules that may limit interest in the scheme. Supporters argue the plan could boost investment and reverse the exodus of wealthy individuals, while opponents stress risks to economic competitiveness and fairness. The proposal has deepened political debate over the best approach to tax and wealth policy in the UK.