Steel magnate Lakshmi N. Mittal, one of Britain’s richest individuals, is reportedly relinquishing his UK tax residency as new wealth taxes loom under the Labour government. The 75-year-old, now a tax resident of Switzerland, plans to spend more time in Dubai, where he already owns property. Tax advisers suggest that inheritance tax—not income or capital gains—is his primary concern, as his global assets could be subject to the UK’s 40 per cent death duties. His departure underscores a broader trend of ultra-high-net-worth individuals exiting the UK amid uncertain fiscal policy.
