Indian-origin steel tycoon Lakshmi N. Mittal has decided to leave the U.K. as the Labour government weighs tax changes targeting the super-rich.
Long based in Britain and ranked the country’s eighth-richest person with a 15.4 billion pound fortune, Mittal is already a tax resident of Switzerland and is expected to spend most of his time in Dubai. He has purchased property near Dubai’s Naïa Island, adding to a mansion he already owns there.
According to media reports, the move comes ahead of Chancellor Rachel Reeves’ Budget on Wednesday, which is expected to include further tax increases on the wealthy as the government seeks to plug a 20 billion pound hole in public finances.
An adviser familiar with the Mittals’ decision told the media that inheritance tax was the key concern. The U.K. levies up to 40 percent on estates, while Dubai and Switzerland impose no such tax.
Mittal joins a growing list of entrepreneurs relocating amid uncertainty, including India-born tech founder Herman Narula, who has also announced plans to move to Dubai.
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