TOI correspondent from UK: Lakshmi Mittal has voted along with his toes. The 75-year-old metal magnate has walked away from Britain — and straight into Switzerland — becoming a member of a rush of the ultra-rich escaping Labour govt's tax squeeze concentrating on high-net-worth residents.Mittal, certainly one of Britain's richest males and a long-time Labour donor, has left the UK simply days earlier than chancellor Rachel Reeves' autumn funds. He has grow to be a tax resident of Switzerland and plans to spend most of his time in Dubai, the place he has bought a mansion on Naïa Island, a newly constructed enclave for world elites. The chief chairman of ArcelorMittal — born in Rajasthan's Sadulpur — is an Indian citizen.Reeves is anticipated to announce contemporary levies on Nov 26, together with a proposed 20% “exit tax” and a mansion tax. Her 2024 Finances had already abolished the non-domicile tax regime and shut down use of offshore trusts to keep away from the UK's 40% inheritance tax — measures that advisers say accelerated Mittal's determination.“The uncertainty of Labour's tax coverage, inheritance tax and abolition of the non-dom regime are a giant concern for individuals who have labored arduous and constructed up their wealth within the UK,” stated Tory peer and multimillionaire Rami Ranger. “There isn't any tax in Dubai. Britain is probably the most taxed economic system on the earth.”A wealth adviser aware of Mittal's plans advised the Sunday Instances that many prosperous overseas residents “can not perceive why all their property, wherever they're on the earth, must be topic to inheritance tax imposed by the UK Treasury. Individuals on this scenario really feel they've little alternative however to depart”.Mittal and his household had been ranked eighth on the 2025 UK Wealthy Checklist with a fortune of £15.4 billion (over Rs 180,887 crore). He based Luxembourg-based ArcelorMittal, valued at £23.35 billion (over Rs 274, 268 crore), and controls a 38% stake.The household moved to London in 1995 and acquired three adjoining mansions on Kensington Palace Gardens — “Billionaires' Row” — together with the marble-laden “Taj Mittal”, constructed with stone sourced from the identical quarries used for the Taj Mahal.Mittal's exit underscores deep unease amongst high-net-worth residents as Labour prepares additional tax modifications geared toward these with world property, intensifying fears of an investor flight on the very high of the wealth pyramid.
