After Labour Tax Hikes Made 10k Millionaires Leave Britain, Reform UK’s Nigel Farage Announces the ‘Britannia Card’, Offering Exemption From Tax on International Wealth
As the new polls show the populists from Reform UK on track to win the next British General Elections, more pressure has been put on leader Nigel Farage to start revealing more of his plans for an expected Reform UK government.
One salient point of Farage’s disagreement with Keir Starmer’s Labour Cabinet is about the ‘tax raid’ on foreign ‘non-dom’ millionaires.
Since Starmer came to power, the UK’s millionaire exodus has amounted to losing 530,000 average taxpayers, something Farage means to revert.
According to a January Independent report, more than 10,800 millionaires have left the UK just in 2024, ‘the second-highest millionaire exodus globally after China’ – departures attributed to tax raids, including the abolition of ‘non-dom status’ and the inheritance tax changes.
Since each millionaire’s tax contribution reportedly equals 49 average taxpayers, the loss is equal to 529,200 average taxpayers.
Popular destinations for the fleeing millionaires (and billionaires) include Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore.
Today we launched the Britannia card.
We will charge wealthy non-doms to live in the UK, with those funds paid directly to our lowest-paid full-time workers.
We will restore the social contract. pic.twitter.com/C09ledRgC8
— Reform UK (@reformparty_uk) June 23, 2025
So, today (23) it arises that Reform UK party has presented plans to offer wealthy newcomers a ‘Britannia Card’ ‘to gain exemption from tax on international wealth, income or gains for 10 years for a one-off, 250,000-pound ($336,000) payment’.
Reuters reported:
“The policy draws a new battle line before the next national election with Britain’s governing Labour Party. The government has closed exemptions on so-called ‘non-doms’, or non-domiciled residents, who have long paid little or no UK tax on money earned overseas.”
Farage also criticized the failing Conservative Party for hiking taxes on voters when it held power.
“’We want, as a party, as many entrepreneurs, as many risk takers, as many job creators, as many people paying lots of tax, as many people investing huge sums of money – we want as many of them as possible to be in our country and that is why today we are coming up with this idea of the Britannia Card’, he said.”
We are going to repair the social contract. pic.twitter.com/H69sG1kEKl
— Reform UK (@reformparty_uk) June 23, 2025
Labour finance minister Rachel Reeves had the classic, obvious leftist response, and told reporters that Reform had announced a ‘tax cut for foreign billionaires’.
“’That would mean either taxes on ordinary working people would have to go up to compensate for those lack of revenues, or … Reform would have to cut public services’, she said.”
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