Commenting on the policy changes, Arun said: “Overall this is a good reform, simplifying the regime to provide more certainty for the taxpayer and HMRC, and limiting the scope of the benefit to something much more justifiable.

“However, there was a missed opportunity to use the reform to incentivise investment in the UK. Instead, for the first four years at least, we will continue to penalise immigrants on any investments they choose to make in the UK.

“There are also some rather unnecessary giveaways to current beneficiaries of the regime, allowing them to wipe out the tax that would be owed on some of their capital gains, and giving them a year to get their affairs in order if they want to avoid inheritance tax.”