Plans outlined by Reform UK leader Nigel Farage to charge high-net-worth newcomers and returners £250,000, with proceeds to be returned to Britain’s “lowest-paid” full-time workers, have been lampooned by advisers and tax experts.
Farage outlined the Britannia Card policy which would see contributors rewarded with an indefinite remittance-style regime on offshore income in addition to a 20-year inheritance tax (IHT) "shield". The former UKIP leader also set out that under the plans about 2.5 million UK workers could receive an annual cash bonus of between £600 and £1,000. He explained a "low-uptake" scenario of 6,000 cards issued a year could see a £1.5bn fund generated, while a "high-uptake" scenario of 10,000 could provide a £2.5bn fund. The policy was met with scepticism Yellowtail Financial planning foun...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
