Rachel Reeves to relax non-dom rules amid millionaires' exodus from UK

DAVOS: Chancellor of the Exchequer Rachel Reeves said she will relax some of her changes to the UK's tax regime for wealthy foreigners, known as "non-doms," amid concerns the Labour government's policies are pushing millionaires to leave the country.

"We have been listening to the concerns that have been raised by the non-dom community," Reeves said at a Wall Street Journal panel event in Davos on Thursday, when asked about the estimated 10,800 dollar millionaires who left the UK in 2024.

The government is planning to introduce an amendment to the Finance Bill to soften the impact of her non-dom plans, according to multiple people familiar with the matter who requested anonymity discussing unpublished details.


The amendment would give easier access for some individuals to the so-called temporary repatriation facility, which allows non-doms to bring previously earned foreign income and gains into the UK at a reduced tax rate, an idea proposed by the former Conservative government and maintained by Reeves. Reeves said in Davos that the TRF would become "more generous."