Reform UK leader Nigel Farage is accused of plotting a ‘bonanza’ for super-rich overseas tycoons which tax experts say will wipe a mammoth £34billion from Government coffers
Nigel Farage is accused of plotting a “bonanza” for the super-rich while wiping billions of pounds from public coffers.
The Reform leader wants wealthy tycoons from overseas to pay a one-off fee of £250,000 in exchange for a string of tax breaks. But experts warn it could wipe a massive £34billion from tax revenues and give a massive tax windfall to overseas billionaires.
Floundering Mr Farage said he was “not clever enough” to answer questions about the hit to the UK’s economy when challenged about the impact. He proposes creating a ‘Britannia Card’, which would see those who pay up offered a 10-year renewable residence permit and shielded from UK tax on their overseas income.
They will also be spared having to pay inheritance tax. The “Robin Hood” tax would see revenues distributed between the 10% lowest earners.
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But analysis from the Tax Policy Associates found Mr Farage and co will offer a “much more generous regime for the very wealthy” than the Tories did. It said there would be “no wider economic benefit” from the windfall, which would be enjoyed by “a relatively small number of very wealthy people”.
It estimates this windfall would be worth £34billion lost to the Government over five years. Labour chairwoman Ellie Reeves said: “ Nigel Farage ’s new policy is quite simply a bonanza for billionaires.
“Not only is this a golden giveaway to the rich, but experts warn this will leave a massive black hole in the country’s finances that working people will be left to pick up the bill for.
“Reform UK is not serious or credible. Every family in the country would foot the bill for their dangerous and unfunded Liz Truss style policies which would devastate Britain’s economy.”
When challenged about the costings, Mr Farage responded: “Oh dear, oh dear, oh dear. I’m not clever enough to answer any of that.
“That just sounds completely off the wall nonsense. I’m really sorry, but I think what we’ve got here is a very attractive offer.
“People are fleeing this country in droves. Our economy is in trouble. There are fears of wealth taxes coming in. All the mood music is bad.”
The Tax Policy Associates also warned that it would discourage highly-skilled overseas workers from coming to the UK. Mr Farage denied this, saying “”tens of thousands” will.
Asked if he was attempting to give low-income workers free money to win their votes, the Reform UK leader said: “Nice try, but the idea that I’m somehow putting forward a profoundly left-wing concept today could not be further from the truth.
“We’re saying we want people who make loads of money to come in to Britain in huge numbers and pay lots and lots of tax and buy lots of houses and spend lots of money.”
