Following the recent hullabaloo over the revelation that Chancellor Rishi Sunak's wife had been claiming non-dom status, it is fairly unsurprising to see Labour choose this moment to announce their own plans to abolish the regime should they regain power.

Learning that Ms Murty was able to reduce her UK tax bill over the past few years by millions of pounds, while they themselves struggle with skyrocketing energy, fuel and food bills, has understandably raised the shackles of a large proportion of the population. However, as with the Conservatives' recent decision to close the entire Tier 1 "golden visa" immigration route into the UK in response to the war in Ukraine and efforts to crackdown on elicit finance, this announcement by Labour appears to risk throwing the baby out with the bathwater.

The huge benefits which non-doms bring to the country should not be underestimated, including spending power, tax take and investment in UK businesses. We are constantly told that Britain is "open for business" post-Brexit, yet the policies of our current government as well the Opposition's pledges on matters like this seem to show the opposite.

It must be remembered, however, that this is not the first time that Labour has vowed it will abolish non-dom status; similar declarations were made in 2002 and 2015, with little headway being made. Although various recent governments have made the regime incrementally less beneficial to those wishing to claim it, we can hope that, when it comes to it, the wider benefits of the system will be appreciated and it will continue to be retained.