Nigel Farage, leader of Reform UK, is set to unveil a controversial tax policy aimed at attracting wealthy foreigners while supporting low-income British workers. His proposed “Britannia Card,” which would cost £250,000, grants high-net-worth individuals special tax exemptions, with the funds raised intended to provide up to £1,000 annually to the UK’s lowest-paid workers.
The policy marks a bold move as Reform UK seeks to challenge Labour across the country in the upcoming General Election. Central to the plan is the reinstatement of the “non-dom” tax status, previously abolished by Labour, which allows individuals residing outside the UK for tax purposes to avoid paying taxes on income earned abroad.
Farage’s scheme would exempt cardholders not only from UK income tax but also from other levies like VAT and Stamp Duty, effectively offering a significant tax advantage to foreign elites investing in Britain. The revenues from the £250,000 card fees would then fund payments to the bottom 10% of full-time British workers, encouraging workforce participation.
READ MORE: Threat of Closure Looms Over North Somerset Libraries
READ MORE: Glastonbury Festival Stars Soothe Vocal Cords with Local Somerset Honey
In outlining the policy, Farage emphasized, “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."
He also highlighted the need to retain entrepreneurs and investors in the UK, stating, “Many talented people are leaving, and we want as many entrepreneurs, risk-takers, job creators and investors as possible to be in our country.”
However, Labour has strongly criticised the proposal. A Labour spokesperson told the Mirror, “Nigel Farage can brand this whatever he wants, but the reality is his policy hands foreign billionaires a golden ticket to dodge the taxes they owe here.” They warned that the loss of revenue from wealthy individuals could lead to higher taxes on working families or additional fees for NHS services.
Farage’s plan raises important questions about tax fairness and economic strategy: Should the UK offer special treatment to the ultra-rich to support lower-income workers? Will this policy truly benefit the working class, or shift the tax burden elsewhere? As the debate unfolds, the public’s opinion will be crucial.