Hi, I'm Joe Wiley. And I'm Soie Ball. And we're here to tell you about a brand new podcast, Digit.

Digit is all about the things that Joe and I love. From the kids to the parents and all the stuff in between.

There's a lot going on when you get to this age. Listen wherever you get your podcasts and watch every episode on Spotify. Dig it. Every week. Every week.

For the rest of time. Yes. Okay. Good.

I'm John Batchel with my colleague Simon Constable. He's in the south of France,

which is paradise,

and we've established that the reason to be there is the climate and the friendship of the

farmers around him, and also it's famous for being a place to be calm in. We're going to turn to

taxes, however. Nobody's calm about that back in London. Simon, right

now, Labor, which has an overwhelming majority in Parliament, is reversing itself on a non-dom

tax of the wealthy. What is a non-dom tax? And why are they reversing themselves?

Well, this is very interesting.

There are a large number of very, very rich people who live in the UK and aren't taxed fully

on their income or their spending in a way that most UK residents are.

And they're called non-domiciled individuals.

And that means that although they live in the UK,

they're not domiciled there,

so they can't be taxed by UK taxes. Now, the problem with putting a tax on

non-domiciled people who are living in the UK is that because they've got so much money,

they can move to somewhere that has a much, much, much lower tax rate than does the UK. And so you're

getting the basically the wealth leaving the UK economy. And the UK needs wealth there, because

that wealth, some of it will be put into banks, some of it will be put into new businesses or investments,

...