The findings of new research have warned that the changes to non-dom rules could cost the Treasury more than £2bn.

According to figures compiled by the Society of Trust and Estate Practitioners (STEP) the Treasury's estimates that it will raise £800m a from the levy will be dwarfed by £2.1bn in lost tax receipts as the wealthy foreigners leave the UK for other jurisdictions.

Under the new rules non-doms will have to pay an annual £30,000 levy to keep foreign income free from UK tax.

The draft legislation is open to consultation until the end of the month, raising hopes that there still is time to address these concerns, The Daily Telegraph reports.

Further reading:

City banks hit by non-dom chaos

Lord Mayor of London attacks non-dom policy