US EditionSteel billionaire Lakshmi Mittal quits London for Dubai over Labour tax shake-up
Mittal’s move follows Labour’s tax reforms ending non-dom status and extending inheritance tax to foreign assets, prompting 50% of ultra-wealthy clients to leave, advisers say.
- Lakshmi Mittal, a steel tycoon with an estimated $15.4 billion fortune, plans to leave the UK days before the UK budget due to changes in non-domicile tax rules.
- Mittal, who owns homes on 'Billionaire's Row' in London and donated millions to Labour, feels he has 'little choice' but to leave due to inheritance tax issues.
23 Articles
23 Articles
Explained: The Tax Trigger Behind Steel Tycoon Lakshmi Mittal's UK Exit
Indian-origin billionaire Lakshmi Mittal, long based in the United Kingdom, is reportedly leaving the country as the Labour government plans major tax reforms targeting high-net-worth individuals.
Has India-born steel tycoon Lakshmi Mittal left the UK over tax scare?
Lakshmi Mittal has reportedly departed from the UK, where he has lived with his family since 1995. The steel magnate, who is worth over £15 billion according to the Sunday Times Rich List, has moved his tax residence to Switzerland and is likely to spend most of his time in Dubai. But why?
Steel billionaire latest to leave UK ahead of proposed tax squeeze on the ultra-rich
Billionaire Lakshmi Mittal has reportedly shifted his tax residence to Switzerland after nearly thirty years in the UK, becoming the latest ultra-wealthy individual to head for friendlier fiscal terrain ahead of Rachel Reeves’s budget.
Lakshmi Mittal Quits UK: The trend of billionaires leaving Britain due to the super rich tax continues and now a new name is going to be added to the list, that of Indian-origin billionaire industrialist Lakshmi Niwas Mittal.
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