Lakshmi Mittal Considers Leaving UK Over Tax Reforms

Lakshmi Mittal, a billionaire steel magnate and long-time UK resident, is considering leaving the UK due to the Labour government's decision to abolish the 'non-dom' tax regime. This tax policy allowed certain UK residents to avoid paying taxes on foreign income and gains, a benefit Mittal utilized since relocating to the UK in 1995. The abolition of this regime, announced by Chancellor Jeremy Hunt in March 2024 and reinforced by Labour's Rachel Reeves, has led to a significant exodus of wealthy individuals from the UK. Mittal, with a family fortune estimated at £14.9 billion, has expressed his discontent and is exploring relocation to countries with more favorable tax conditions like the UAE, Italy, and Switzerland. His potential departure underscores a broader trend of high-net-worth individuals leaving the UK in response to these fiscal changes. Mittal's decision will be finalized later this year, reflecting the significant impact of the tax reforms on the UK's wealthy foreign residents.