an error occurred while processing this directive
Labour has vowed to create a “modern” tax system for foreigners living in Britain receiving income from elsewhere to replace the “colonial-era” non-dom regime.
During a visit to India Shadow Business Secretary Jonathan Reynolds said the “the case for modernisation” is clear, in a story first reported by the Financial Times.
Mr Reynolds said Labour would aim to attract global talent who bring “ability” and “innovation”.
He warned however that “I don’t think we need to be supplicants”.
The non-dom scheme allows foreign nationals living in Britain to make money on capital abroad without paying tax on it for up to 15 year years.
Labour has long said it plans to scrap or significantly alter the scheme.
Good morning
5 things to start your day
1) Vodafone pays out more than $1bn in advisory fees since 2000 | Telecoms giant spends huge sums on bankers and lawyers as part of turnaround efforts
What happened overnight
Comments
More stories
More from Business
More from The Telegraph
