Indian-origin steel magnate Lakshmi N Mittal, until now based in Britain and a regular on the country\u2019s richest billionaires tally, has decided to quit the UK as the Labour Party-led government\u2019s feared tax shake-up for the super-rich nears, according to a UK media report on Sunday. Rajasthan-born Mittal is a resident in Switzerland for tax and will now spend much of his future in Dubai, according to the The Sunday Times.<\/p>\n
The founder of ArcelorMittal steelworks is worth an estimated 15.4 billion pounds as per the 2025 \u2018Sunday Times Rich List\u2019, which ranked him the UK\u2019s eighth richest man.<\/p>\n
Now, the newspaper references sources close to the 75-year-old industrialist to claim he has become the latest billionaire to leave the UK ahead of a much-anticipated Budget by Chancellor Rachel Reeves on Wednesday. Mittal already has a mansion in Dubai and has now bought up \u201ctracts of an intriguing development on the nearby Na\u00efa Island\u201d in the UAE, the newspaper claims.<\/p>\n
The news of Mittal\u2019s exit comes ahead of expected tax rises on the wealthy as Reeves tries to address a 20 billion pounds hole in the UK\u2019s finances. In her first Budget tabled last year after Labour\u2019s general election win, there were increases to capital gains tax, a reduction of the tax relief for entrepreneurs selling their ventures and new taxes on the way family companies are passed down to future generations.<\/p>\n
Rumours of further levies in her second Budget as Chancellor next week, including a possible 20 per cent exit tax on those leaving the UK, have caused much unease among the wealthy.<\/p>\n","protected":false},"excerpt":{"rendered":"Indian-origin steel magnate Lakshmi N Mittal, until now based in Britain and a regular on the country\u2019s richest…\n","protected":false},"author":2,"featured_media":280206,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":{"0":"post-280205","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/280205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=280205"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/280205\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/280206"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=280205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=280205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=280205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}