Farage’s ‘bonanza for billionaires’ would cost UK £34bn a year, warns tax expert
Nigel Farage’s plans to introduce a ‘Robin Hood tax’ to attract the wealthy back to the UK would cost the economy £34bn a year, a leading tax expert has warned.Dan Neidle of Tax Policy Associates has hit out at the Britannia card scheme proposal, which would allow wealthy people to pay a one-off fee of £250,000 and replace the former non-dom scheme scrapped by Tory chancellor Jeremy Hunt and current Labour chancellor Rachel Reeves.Reform UK believes that the scheme would produce around £2.5bn a year which it plans to hand out as a dividend of £1,000 to those on the lowest incomes.But Labour has damned it as a “bonanza for billionaires”, likening it to Liz Truss’s disastrous mini-Budget.Meanwhile, in a scathing assessment, Mr Neidle warned: “We believe there are three very serious problems with the policy.Farage and Yusuf arrive to introduce their plans More