Rachel Reeves will amend the finance bill to soften planned changes to the non-dom tax regime as Labour woos the wealthy in pursuit of growth.

Speaking at the World Economic Forum in Davos, Switzerland, where she has been meeting business leaders and entrepreneurs, Reeves said: “We have been listening to the concerns that have been raised by the non-dom community.”

The mooted change is relatively minor – a tweak to the rules governing the three-year transitional regime to allow wealthy taxpayers to adjust to the phasing-out of non-dom status.

But it is the latest in a blitz of Labour policies aimed at signalling loudly the party’s determination to make the UK an attractive place to invest.

This week alone, Labour has forced out the chair of the competition regulator, Marcus Bokkerink, announced restrictions on legal challenges to big infrastructure projects and promised to review the visa regime for high-skilled migrants.

The Treasury also waded into a supreme court case over car financing after banks had complained about the risks of paying huge compensation to consumers.

The business secretary, Jonathan Reynolds, who is in Davos with Reeves selling UK plc, said: “We have a great pitch to make. We are talking to people who want to invest in the UK who are I think seeing, first of all, our pitch to political stability, certainly relative to other European countries, and our commitment to openness.”

The current non-dom regime allows individuals claiming the status – usually wealthy residents in Britain whose father was born overseas – to avoid paying UK tax on their overseas earnings in exchange for fees for up to 15 years. Reeves is replacing this with a shorter residence-based regime from April.

The planned changes relate to the rules governing the temporary repatriation facility – a transitional arrangement that will last three years from April 2025.

First announced by the Conservative chancellor Jeremy Hunt, the facility will allow non-doms to bring overseas income into the UK and pay a reduced tax rate of 12-15%. Reeves extended it from two years to three in her budget.

However, wealthy individuals had complained that the rules around the facility had been too tightly drawn, excluding the proceeds of some types of investment. The Treasury has now signalled that these will be tweaked.

The shadow chancellor, Mel Stride, seized on the plans as evidence that Reeves’s budget policies were driving people away. “Labour simply does not understand business and the economy, and working people are paying the price,” he said.

Treasury sources insisted the change had not come as a result of reports of an exodus of wealthy individuals from the UK. Reynolds confirmed the planned change, telling journalists in Davos: “There is a tweak to the finance bill … Of course, when you’re changing a tax regime, people will want to know, and there’ll be some uncertainty there, so we’ve got to get that message out.”

He and Reeves have been touring events and parties at Davos sending the message that the UK is open for business – with the chancellor saying that growth has to “trump” other concerns, including the government’s commitment to net zero.

Hunt announced he was going to scrap the 225-year-old non-dom tax scheme – a relic of Britain’s colonial past – in his budget last spring. Labour promised in opposition to go further than Hunt’s replacement system, and Reeves announced the registration-based regime in her 30 October budget.

The current regime protects overseas earnings from UK income tax for up to 15 years, but there were ways to preserve inheritance tax benefits after that time. Reeves’s moves to close these loopholes have been cited by some non-doms as a main reason for them quitting the UK.

A Treasury spokesperson said: “While we do not expect these changes to impact the £33.8bn of tax revenue that the OBR forecast to raise over five years, they reflect our continued engagement with stakeholders to make sure the reforms announced at budget operate as intended.

“The temporary repatriation facility is designed to encourage non-doms to bring their funds to the UK, encouraging them to spend and invest this money here.”

Reeves, Reynolds and the trade minister Sarah Jones met more than 20 company bosses from companies including Lloyds Banking Group, HSBC and Barclays at a lunch hosted by the Confederation of British Industry and the accountancy firm KPMG in Davos on Thursday.

“Reeves was good in the sense that they understood that the message has to be more positive and everything has to be seen through the growth lens,” said one attender at the event in the Swiss resort’s Belvédère hotel.

“There’s a commitment to do a lot more in the coming months to keep the momentum going and try to change the narrative. They’ve realised it has to be reset after the budget and I think they are doing it. It was a good delegation and they are saying the right thing.”

Another said the tone was “friendly, warm and respectful”, adding: “Questions were very tame. There was a sense of ‘Thanks for being here and putting on a good show for the UK.’”