Rachel Reeves at the World Economic Forum (WEF) in Davos, Switzerland.Rachel Reeves has been accused of a “Davos deal for millionaires” after announcing she was watering down moves to make wealthy foreigners pay more tax.The chancellor said she had been “listening to the concerns” of “non-doms” living in the UK.They enjoy a special status which allows them to avoid paying full tax in the UK on their overseas earnings.Labour pledged to crackdown on that arrangement in their election manifesto, going further than measures announced by former former Tory chancellor Jeremy Hunt last year.But speaking at the World Economic Forum in Davos, Reeves admitted she was softening Labour’s proposals after a backlash from those affected.An amendment will be tabled to the government’s Finance Bill tweaking the so-called “temporary repatriation facility” allowing non-doms to pay lower rates of tax on their overseas income for the next three years.Reeves said: “The previous government and this government have increased