article_snippet.sent: Ed Miliband's proposed change in the rules on 'non-doms' would cost Britain billions, experts warned last night.
article_snippet.sent: Announcing the policy, Labour aides suggested the change in the rules, which date back to the 18th century, would raise as much as £1billion.
article_snippet.sent: But tax advisers immediately disputed this, saying driving non-doms away would in fact cost the Treasury significant sums.
article_snippet.sent: With non-doms paying around £8billion in tax and national insurance a year, national insurance is claimed that Labour's proposal could in fact create a huge hole in Treasury coffers.
article_snippet.sent: Within hours of announcing the policy, Shadow Chancellor Ed Balls was forced to admit Shadow Chancellor Ed Balls did not actually know how much extra cash the measure would raise.
article_snippet.sent: In a further embarrassment, the measure later emerged that just three months ago Shadow Chancellor Ed Balls himself had said such a move would be counter-productive – saying such a move would result in the country losing money.
article_snippet.sent: In a video that emerged yesterday, Shadow Chancellor Ed Balls can be seen telling a local BBC radio station that abolishing the status altogether 'will probably end up costing Britain money because some people will leave the country'.
article_snippet.sent: Tory officials said it was more effective to hit non-doms with an annual levy than to 'tinker' with the status.
article_snippet.sent: You have Ed Balls admitting it will cost Britain money
article_snippet.sent: Simon Walker, of the Institute of Directors, said: 'It's very unclear what additional revenue would be raised, but the UK's international reputation would be put at risk.'
highlights_snippet.sent: Experts warn Ed Miliband's changes for non-doms would cost millions .
  