Nigel Farage vows to hit wealthy foreigners with mega tax and hand cash to the poor | Politics | News | EUROtoday

Nigel Farage will announce a Robin Hood-style tax tomorrow on wealthy foreigners as much as £250,000. The Reform UK chief plans to impose a one-off cost on newcomers or these hoping to return to the UK.

Labelled as an “entry contribution”, the legislation would goal non-dom foreigners who reside within the UK however pay no tax on international earnings. Reform has constantly tried to position itself because the social gathering of the working class, with Farage stipulating that he goals to symbolize the individuals who “set their alarm clocks” within the morning. But Labour and Conservative critics have slammed the plan as missing substance and “ruinously irresponsible.”

A celebration supply informed The Sun: “Since the 2008 crash, the Bank of England pumped billions into the economy — but the working class didn’t see a penny.

“This is about repairing the social contract.

“For once, the working class should be getting the bonus.”

A Labour spokesperson added: “As ever with Reform, the devil is in the detail. This giveaway would reduce revenues raised from the rich that would have to be made up elsewhere, through tax hikes on working families or through Farage’s promise to charge them to use the NHS.”

Shadow Chancellor Mel Stride mentioned: “The British public wants an actual plan for placing extra money of their pockets.

“Reform’s promises are ruinously irresponsible.”

Reform UK believes that the scheme could raise as much as £1.5 billion a year for the UK coffers, which would allow them to give £600 to 2.5 million low-paid workers annually.

Under the scheme, those entering the UK would be given a “Britannia card” which would grant them a range of tax exemptions and would prevent them from having to pay tax on income earned outside of the UK.

Britannia cardholders would still be liable to pay tax on income earned in the UK, and the levy would be renewed every ten years.

Rachel Reeves introduced measures in October’s funds aimed toward concentrating on the earnings of non-doms who’re in a position to keep away from paying tax within the UK.

However, after critical stress, the Chancellor is known to be contemplating watering down her non-dom coverage by easing guidelines surrounding inheritance tax.