Lakshmi Mittal Leaves the UK Full-Time, Moves to Dubai and Switzerland Because of New Tax Rules

Lakshmi Mittal Leaves the UK Full-Time, Moves to Dubai and Switzerland Because of New Tax Rules

Billionaire steel businessman Lakshmi Mittal, one of Britain’s richest people, has decided he will no longer live full-time in the UK. Instead, he will spend most of his time in Dubai and Switzerland. The reason is the new tax rules planned by the Labour government, which will make wealthy foreigners pay more tax.

Earlier, rich foreigners living in the UK did not have to pay tax on money they earned outside the country. This special benefit is now being removed. The government wants to start taxing global income and is also changing inheritance tax rules. This means very rich people may have to pay a huge amount in taxes, both while alive and after death.

Mittal, whose family wealth is over £13 billion, has already begun shifting his base. He will still keep his properties in London, but the UK will no longer be his main home for tax purposes. Dubai has no income tax, and Switzerland offers low taxes to rich residents, so moving there is financially better for him.

He is not the only one leaving. Many other ultra-rich people—bankers, hedge-fund managers and business leaders—are making similar plans. Some are moving to Monaco, the UAE, Italy or Singapore, where taxes are lower and rules are easier.

The government says these tax changes are fair and will help raise money for public services like schools and hospitals. Critics argue that these rules may push away wealthy individuals and reduce investment in the UK. But one thing is clear: the UK may no longer remain a comfortable tax haven for billionaires.

For normal families facing daily expenses, this news may not feel important. But for billionaires like Mittal, the new tax rules are enough to make them change countries.