Steel tycoon Lakshmi Mittal is leaving the UK! The billionaire, who has lived in Britain for over 30 years, is among the first high-profile business magnates to exit due to the government’s abolition of the non-domiciled (non-dom) tax regime.
For decades, the non-dom tax rule allowed wealthy UK residents who declared their permanent home abroad to avoid paying British taxes on foreign income. This gave billionaires like Mittal a significant tax break, keeping them in the UK.
However, in March 2024, then Conservative chancellor Jeremy Hunt announced the end of this regime. When Labour took power, Chancellor Rachel Reeves reinforced the decision and added a 40% inheritance tax on offshore trusts.
With billions at stake, Mittal—who has a fortune of £14.9bn and properties in Switzerland, Dubai, and the US— is now looking for tax-friendlier locations like Dubai, Italy, or Switzerland.
Mittal is not alone! Many wealthy foreigners are now rushing to move their assets abroad. Advisors say this exodus will hit the UK economy, real estate, and investments hard.
Is this just the beginning of Britain losing its billionaires? Will Labour’s tax strategy work, or will it backfire?
