Nigel Farage is ramping up his policy offensive with Reform UK, announcing a bold initiative on Monday to offer the ultra-rich a “Britannia Card” for £250,000, granting them favourable tax conditions. The scheme aims to funnel the revenue into annual payments of up to £1,000 for the UK’s lowest earners.
Have your say! Should we be giving special treatment to the mega-rich? Does Farage’s plan sound like it will add up? Would an extra £1,000 every year make a difference to you? Comment below, and join in on the conversation.
With their eyes on the prize, Reform UK is capitalising on their surge in support, positioning themselves as the main rival to Labour across Britain in anticipation of the next General Election. Farage is set to disclose a plan to resurrect the “non-dom” status, which previously allowed individuals with a permanent home outside the UK for tax purposes to sidestep taxes on foreign income.
Labour put an end to “non-dom” status last year, but under Farage’s vision, a Reform UK-led government would reintroduce it, offering a “Britannia Card” to wealthy foreigners for a hefty fee of £250,000. This card wouldn’t exempt them from income tax on UK earnings or other taxes like VAT and Stamp Duty, according to a report by the Express.
Under the plans, the lowest 10% of full-time earners in the UK would be eligible for an annual payment of up to £1,000, aiming to provide an added incentive for people to enter the workforce. Reform leader Nigel Farage stated: “We are the party of working people, and we’re building a Britain where wealth and opportunity are shared, not hoarded.
“By ensuring that every pound contributed by the wealthy goes directly to those who get up early and work hard, we’re creating a fairer, stronger and more prosperous nation for all.”
Farage continued, “Many talented people are leaving, and we want as a party as many entrepreneurs, as many risk-takers, as many job creators, as many people paying lots of tax, as many people investing huge sums of money – we want as many of them as possible to be in our country.”
However, Labour has criticised Farage’s proposal, accusing him of faulty arithmetic. A Labour spokesperson told the Mirror, “Nigel Farage can brand this whatever he wants – the reality is his first proper policy is a golden ticket for foreign billionaires to avoid the tax they owe in this country.”
They added, “As ever with Reform, the devil is in the detail. This giveaway would reduce revenues raised from the rich that would have to be made up elsewhere – through tax hikes on working families or through Farage’s promise to charge them to use the NHS.”
Have your say! Should we be giving special treatment to the mega-rich? Does Farage’s plan sound like it will add up? Would an extra £1,000 every year make a difference to you? Comment below, and join in on the conversation.
