The Conservative Party has revealed plans for a £25,000 (€35,850) levy on UK non-domiciled residents, wealthy foreigners who live in the country but who do not pay tax on the money they make abroad, in a move that could affect tens of thousands of workers in London's financial centre.

The tax on those with so-called "non-dom res" status would pay for a reduction in stamp duty on house purchases, and give tax breaks to married couples with children, according to the shadow chancellor, George Osborne.