Jeremy Hunt is considering scrapping Britain’s non-domiciled tax rules in next week’s budget, it has been reported, in a move that would see him poach one of Labour’s key fiscal policies.
The decision is understood to be on a list of revenue-generating options drawn up for the chancellor and Rishi Sunak after economic estimates left them with less money than expected for tax cuts or spending pledges.
If it is announced in next week’s budget, the Conservatives would be mirroring a Labour policy that Hunt has previously criticised.
Treasury sources told various newspapers on Wednesday that Hunt was mulling over scrapping or scaling back the tax break as among a range of last-minute options in the event that official forecasts deteriorated over the next few days and further hampered the prospect of budget tax cuts.
The Guardian reported last month that Labour’s plan to scrap non-dom tax breaks would allow a four-year grace period for those with the status.
The shadow chancellor, Rachel Reeves, has said abolishing the tax break in full would raise that amount each year and that Labour would use the money to expand the NHS workforce.
The original article contains 412 words, the summary contains 190 words. Saved 54%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Jeremy Hunt is considering scrapping Britain’s non-domiciled tax rules in next week’s budget, it has been reported, in a move that would see him poach one of Labour’s key fiscal policies.
The decision is understood to be on a list of revenue-generating options drawn up for the chancellor and Rishi Sunak after economic estimates left them with less money than expected for tax cuts or spending pledges.
If it is announced in next week’s budget, the Conservatives would be mirroring a Labour policy that Hunt has previously criticised.
Treasury sources told various newspapers on Wednesday that Hunt was mulling over scrapping or scaling back the tax break as among a range of last-minute options in the event that official forecasts deteriorated over the next few days and further hampered the prospect of budget tax cuts.
The Guardian reported last month that Labour’s plan to scrap non-dom tax breaks would allow a four-year grace period for those with the status.
The shadow chancellor, Rachel Reeves, has said abolishing the tax break in full would raise that amount each year and that Labour would use the money to expand the NHS workforce.
The original article contains 412 words, the summary contains 190 words. Saved 54%. I’m a bot and I’m open source!
Mr Robot, you missed an important sentence: