Lakshmi Mittal, one of Britain’s richest men, is leaving the UK amid a tax crisis
Lakshmi mittal, the state magnate who has dominated the range of Sunday times for more than a decade, has left the UK after nearly 30 years, becoming the latest bill to move tax reforms for workers.
The founder of arcelogrcittal, if the richest resident in the UK and is still worth £15.4 billion, has moved his tax position to Switzerland and plans to spend most of his time in Dubai, where he is now building many luxury buildings on the new island on the new island on the new island on the new island on the island of New Naïa Island.
Mittal’s departure comes just days before Chancellor Rachel Reeves delivers her second budget, which is expected to introduce a new round of targeted taxes aimed at high earners and wealthier families as she works to close the 1,000 income gap. His exit follows widespread anger among Reeves’ first budget, which increased taxes, destroyed business aid, and changed the rules of family firms.
But it was April’s decision to end the non-land tax regime – used by wealthy global citizens for more than 200 years – that furthered Mittal’s departure. A close adviser said that inheritance tax is the deciding factor.
“It wasn’t a huge income or tax benefit,” the consultant said. “The controversy was inheritance tax. Many wealthy families abroad do not understand why all their global assets should be subject to a small inheritance tax.”
Under UK law, Estates can face a tax of up to 40%, compared to zero in Dubai and none for direct heirs in most Swiss Cantons.
Mittal, 74, arrived in Britain in the 1990s and quickly became one of the country’s tycoons to appear on the Kensington Palace grounds, donate public office, and open the rich list eight times. His London estate includes millions of “taj mittals” – friends say there are no plans to sell them.
His move marks one of the most high-profile developments in the ongoing exodus of wealthy residents. Other recent roads include the Norwegian billionaire John Fredriksen, the German investor who is the founder of Christianity, and Herman Narula (used) and NIK Gtoronsky (Revut), all tax people of the UK as a driving factor.
Mittal built his empire after leaving India in the 1970s, eventually consolidating arcelucittal – now worth more than $25 billion and employing more than 125,000 people worldwide – through a series of aggressive metal discoveries. The Mittal family also has figures in the power of aperam and hpcl-mittal.
He leaves a long history of Philanthropy in Britain, from funding the Great Ormond Street Hospital to supporting public libraries, churches, Unicef and Oxford University. His $16 million donation to the arcelogrmittal orbit tower remains one of the most enduring symbols of the London Olympics.
A friend said his exit was a loss for the UK. “It’s sad, really. A lot of British people benefit from having this family here. There’s nothing else.”
