Steel Billionaire Lakshmi Mittal Leaves UK Amid New Tax Rules

Lakshmi Mittal, the Indian-born steel magnate and longtime UK resident, is reportedly relocating from Britain amid looming tax changes by the Labour Party government aimed at the super-rich.

Key Highlights

• Lakshmi Mittal relocates from the UK amid Labour Party tax reforms targeting super-rich individuals and non-doms.
• The steel tycoon shifts tax residency to Switzerland and plans to spend significant time in Dubai.

Sources close to Mittal say the move stems from growing concerns about the UK’s proposed overhaul of the non-domicile tax regime, inheritance tax rules and potential “exit tax” measures under Chancellor Rachel Reeves. The changes are seen as part of a broader drive to plug a multi-billion-pound fiscal gap.

After more than three decades in the UK — where he built a reputation, heavy investments and philanthropy — Mittal has taken tax residency in Switzerland and is expected to spend most of his time in Dubai. He reportedly already owns significant property holdings in the United Arab Emirates and is acquiring further real-estate.

Advisers linked to Mittal’s decision say the key issue was not so much income or capital gains tax, but the impending inheritance tax changes — the UK allowing up to 40 % tax on estates, compared to zero in Dubai and favourable regimes in Switzerland.

The move adds to a growing trend of wealthy non-domicile individuals departing the UK in response to shifting tax and regulatory dynamics. Other high-profile figures have already signalled or executed relocations to jurisdictions with more favourable tax environments.

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In sum, Mittal’s decision serves as a signal of how anticipated tax policy changes can influence residency and investment behaviour among high-net-worth individuals — raising broader questions about the UK’s competitiveness and attractiveness as a base for global capital and business.