Indian-origin steel magnate Lakshmi Mittal, the founder of ArcelorMittal, has reportedly left the United Kingdom in favour of becoming a tax resident of Switzerland, although he will shift a significant amount of his time in Dubai, reports The Sunday Times.
This move comes amid major tax overhaul anxieties being pushed by the Labour Party that are being targeted the ultra-wealthy.
Mittal is currently the UK's eighth richest person with a reported fortune of 15.8 billion pounds, according to the 2025 Sunday Times' Rich List. But it appears he could soon become a growing list of ultra-healthy individuals looking to exit UK amid the region's evolving tax landscape.
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Mittal's decision to leave the UK is directly tied to the Labour government's attempts to plug a 20 billion pound gap in national finances.
Keeping that in mind, last year's budget had introduced higher capital gains tax and new levies on family business transfers.
The matter has been compounded by speculation of fresh speculation of more aggressive measures, including a potential 20% exit tax on leaving wealthy individuals. This has created a sense of urgency among these invididuals, as they scramble to leave the UK.
However, an adviser familiar with the Mittal family's decision told The Sunday Times that the primary catalyst wasn't income or capital gains tax, but rather inheritance tax.
"The issue was inheritance tax. Many wealthy people from overseas cannot understand why all of their assets, wherever they are in the world, should be subject to inheritance tax imposed by the UK Treasury,” the adviser stated.
Mittal's move signals a long-term relocation, supported by existing property and recent land acquisitions in Dubai, including on the intriguing Naïa Island development.
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