Chancellor questioned on whether she ‘underestimated’ impact of Labour’s non-dom stance on wealthy individuals

Reeves asked if she ‘underestimated’ impact of Labour’s non-dom stance on wealthy individualsBBC

Transcript

00:00Did you make a mistake or did you underestimate the number of wealthy people who might pack up

00:06from the UK because of the decisions that you make? Because you've changed your mind

00:10on the rules you were going to bring in for non-doms. It's a basic principle for me,

00:14Laura, that people who make their home in Britain should pay their taxes here

00:18and under this government people will. We're getting rid of the non-domicile status in the

00:24tax system. What we announced this week is around the temporary repatriation facility which is

00:30enabling people, including those who have been non-doms, to bring money into this country from

00:35abroad without paying punitive rates of tax. So you shifted your position? That doesn't cost UK

00:41taxpayers any money. This is not going to result in any dent in the public finances but it does

00:47make it easier for people to bring money in from overseas in a way that the previous government

00:53didn't permit. But did you get it wrong because you've changed your mind? We're making some

00:57changes to one part of the way in which very wealthy people from abroad are taxed but it is

01:03a principle of this government and actually the previous government also made changes around non-

01:07dom rules that if you make Britain your home you should pay your taxes here but we want to be an

01:11attractive place for some of the wealthiest and most talented people around the world. It's why

01:17when we publish our immigration white paper later this year we're going to be consulting on visas

01:23for the highest skilled, particularly in sectors like AI and life sciences, to ensure that Britain

01:29is a welcoming place for global talent. What about a welcoming place for people?