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Sir Jacob Rees-Mogg has urged the government to keep the non-dom tax status and claimed that it “needs myth busting.”
Speaking on GB News he said: “Now, there’s no doubt that non Dom status is a misunderstood policy. It sounds like a boondoggle for people who are living here but have some foreign antecedents, but it needs myth busting.
Non Dom status is a way of rich people not avoiding tax in the UK, but of paying tax on what they bring into the UK. So every year non DOMS raise about £8 billion to HMRC through income, capital gains and National Insurance. This is more than raised by inheritance tax, which as you probably know I’d like to see abolished.”
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