Super-rich will pay fairer share of tax because of huge change this week

The super-rich will start paying a fairer share as Labour shuts down a loophole letting them avoid millions in UK tax today.

has scrapped the so-called 'non-dom' status - meaning UK residents have to pay tax in this country on their overseas earnings, even if they say their primary home is abroad.

The Treasury says closing the loophole will raise £33.8 billion in tax revenue over five years - which the government can use to pay for public services like the .

From Sunday, anyone living in Britain for more than four years will now pay tax in the UK on all their money, no matter where it comes from.

"If you make your home in Britain, then you should pay your taxes here too,” Ms Reeves told the .

“That is why I'm proud that it was in my first that we put forward our manifesto plans to abolish the non-dom tax status so we could put that money into our public services, including the National Health Service.

“Today we fulfil that commitment helping to deliver our Plan for Change.”

Newcomers to Britain will still get four years tax-free on foreign earnings if they've been abroad for the past decade.

The government says this will encourage global talent to choose Britain while ensuring they eventually pay their way.

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And the new system encourages the wealthy to invest their cash here, rather than stashing it overseas

Ms Reeves added: “This is a government that is on the side of working people. That is why this month we have protected working people's payslips from higher taxes, frozen fuel duty and giving a pay boost to three million people through increases to the minimum wage."