Commons Sense

House of Commons · Ministers' Questions

High Net Worth Individuals

Tuesday 1 July 2025 · 3 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 3 Not answered 0

Key points

  • Treasury Ministers rely on Office for Budget Responsibility figures for fiscal measures.
  • Changes to the non-dom reporting regime aim to raise billions for public services.
  • Oxford Economics survey findings contrast with OBR's estimates on non-dom reforms.

Topics (select to filter)

Questions & Answers

Q1 Bobby Dean Lib Dem Carshalton and Wallington
Taxation
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.

Question

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?

Answer from James Murray (Exchequer Secretary to the Treasury)

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.

Partly answered

Not addressed: Verification of Tax Justice Network's research on millionaire exodus

How: Trust Obr Figures

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Q2 Jeevun Sandher Lab Loughborough
Economy Taxation
Context

Public investment in infrastructure needs to be paid for, and taxing the richest people is seen as a solution.

Question

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?

Answer from James Murray (Exchequer Secretary to the Treasury)

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.

Partly answered

Not addressed: Details on funding public investment through taxation of high net worth individuals

How: Contrasting With Opposition Proposals

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Q3 Mark Garnier Con Wyre Forest
Taxation
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.

Question

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?

Answer from James Murray (Exchequer Secretary to the Treasury)

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.

Partly answered

Not addressed: Confirmation on axing the non-dom tax and timeline for its abolition

How: Contrasting With Previous Government'S Mismanagement, Trust Obr Figures

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