The Shadow Chancellor said that Labour will abolish the non-domiciled status if they come into power in the next election and introduce a shorter-term scheme for those staying in the UK for up to five years.

Reeves stated that the move would align the non-dom system with other countries such as Germany and Canada which is six months, and Japan, which is five years. Currently, non doms enjoy a tax-free status on foreign earnings for up to 15 years.