We will miss the non-doms when they’re gone

It will cover a generous pay rise for the nurses. It will bail out the NHS. It will put the public finances back on track, and, even better, it will make the country more equal. The Labour party has a simple solution to most of the problems the UK faces. It will abolish ‘non-dom’ status, and collect lots of extra tax revenues from rich foreigners. Hey, presto, problem solved. The trouble is, there is a slight flaw in the plan. They are already fleeing, and we will miss them when they are gone. 

Nom-dom status has always been controversial. It allows anyone who isn’t British, such as the Prime Minister’s wife for example, to pay tax only on the money they bring into the country, and not on the assets they hold overseas. So someone who is worth several billion might end up only paying a few hundred thousand pounds in tax every year.