Let's be realistic: wealthy, mobile people will not stay in the UK if we try to tax every penny they earn worldwide. They will simply leave, and we will get nothing — no tax, no investment, no spending in our economy. A smart country makes an attractive and simple offer. Recreate the concept of Non-Domiciled and adjust to the reality.

Our plan is a powerful deal to attract global talent. Non-UK nationals can choose to pay a flat tax of £50,000 a year. In exchange, their overseas income is only taxed if they bring it here, and their foreign assets are protected from UK Inheritance Tax and Capital Gains Tax.

This isn't a loophole; it's a guaranteed revenue stream. It secures a substantial tax take while ensuring the UK benefits from the immense economic presence of these individuals.