High Net Worth Individuals 2025-07-01
2025-07-01
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
▸
Context
Reports of 'exodus of millionaires' lack hard numbers, with Tax Justice Network research showing that only 0.3% of millionaires have left the UK over the past decade.
The Minister will no doubt be aware of reports of the so-called exodus of millionaires. Those reports are from 'high profile individuals' and city spokespeople, but there are rarely hard numbers behind them. Are Treasury Ministers able to verify the Tax Justice Network’s research that says that just 0.3% of millionaires have exited the UK and that that number has remained low and stable over the past decade, and will they publish their own figures as well?
When considering fiscal measures or financial changes, the figures that matter are those provided by the Office for Budget Responsibility. The OBR has certified that the non-dom reforms will raise £33.8 billion in total revenue over five years, and this figure accounts for some non-doms who are ineligible for the new regime choosing to leave the UK.
▸
Assessment & feedback
Verification of Tax Justice Network's research on millionaire exodus
Trust Obr Figures
Response accuracy
Q2
Partial Answer
▸
Context
Public investment in infrastructure needs to be paid for, and taxing the richest people is seen as a solution.
Public investment makes us all more prosperous, but clearly that public investment, in our roads, rail and energy infrastructure, needs to be paid for. Will the Minister set out how we are funding that public investment by taxing the very richest people in this country?
My hon. Friend is absolutely correct that our changes to the non-dom reporting regime are essential to raise billions of pounds to support the public finances and get our public services back on their feet. I contrast that with some of the proposals set out by opposition parties. Indeed, Reform UK’s plans are for a tax cut for foreign billionaires.
▸
Assessment & feedback
Details on funding public investment through taxation of high net worth individuals
Contrasting With Opposition Proposals
Response accuracy
Q3
Partial Answer
▸
Context
The Chancellor's Budget last year included reforms to the non-dom tax regime that aimed to raise £10 billion over a couple of years, but Oxford Economics survey suggests this could result in a loss of £8 billion due to potential departure of non-doms.
In her Budget last year, the Chancellor tucked away about £10 billion over the next couple of years from reform to the non-dom tax regime. It is important to remember that the OBR said in its fiscal outlook that that figure was 'highly uncertain', and a high-level survey by Oxford Economics found that fully two thirds of non-doms are considering leaving the country in the next couple years as a direct result of those policies. That implies not an increase of £10 billion but a decrease of £8 billion. The Chancellor has created a fiscal black hole of £18 billion with just one policy alone. In this week of heroic U-turns from the Government Front Bench, will the Minister confirm whether they will be axing this tax? When will it finally be condemned to the history books?
I am not really sure whether there was a policy suggestion in that comment or not. As the shadow Minister will know, the fiscal black hole that we had to address when we won the general election was the £22 billion black hole that the Conservatives left after their mismanagement of the economy. As I said, the Office for Budget Responsibility has confirmed that our reforms to the non-dom regime, with our removal of non-dom tax status, will raise £33.8 billion over the five years of the forecast.
▸
Assessment & feedback
Confirmation on axing the non-dom tax and timeline for its abolition
Contrasting With Previous Government'S Mismanagement
Trust Obr Figures
Response accuracy