By Jason Farrell, Senior Political Correspondent
Labour leader Ed Miliband has said he will abolish "non-domiciled" status if he wins the General Election.
"Non-dom" residency allows around 116,000 individuals to exempt their offshore income from UK tax for an annual charge.
In a speech in Warwickshire, Mr Miliband said the rich should not be allowed to "operate under different rules".
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"The next Labour government will abolish the non-dom rule. And we will replace it with a clear principle - anyone permanently resident in the UK will pay tax in the same way," he said.
The party expects the move to raise "hundreds of millions of pounds" which will be used to reduce the deficit.
There are an estimated 116,000 non-doms living in the UK who only have to pay UK taxes on money they bring into the country.
Their income from overseas investments does not have to be declared.
The 200-year-old rule has been criticised for being open to exploitation by a jet-set elite looking to minimise their tax liabilities.
However, it is argued that the tax law encourages skilled workers and large investors from abroad to locate here and contribute to the UK economy.
Mr Miliband said: "The problem is it isn't true. It is a recipe that doesn't work for most working people, doesn't work for business and doesn't work for Britain.
"It works against every business and working person in this country who has to pay more as a result, everybody who relies on public services like the NHS, everybody who believes in Britain and a fair and modern country.
"The United States doesn't do it. No other major country in the developed world does it. No one would propose doing it now if didn't already exist. One rule for some and another for others? It is unjust, it does not work, it holds Britain back and we will stop it."
In 2008, Labour announced plans to charge non-doms £30,000 a year if they had been resident in the UK for seven of the previous 10 years.
George Osborne increased this to £90,000 for those who have lived here for 17 out of the past 20 years.
But a spokesman for Ed Miliband said: "UK citizens should pay tax on all gains, anywhere in the world."
He added: "There should be no different rules between rich and poor."
Famous "non-doms" include some of Britain's richest individuals, such as Indian steel tycoon Lakshmi Mittal.
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