Indian-origin industrialist Lakshmi N. Mittal, long regarded as one of Britain’s wealthiest residents, is preparing to leave the UK amid growing concern over the Labour government’s forthcoming tax measures for high-net-worth individuals, according to a report published in UK newspaper.
The steel magnate, who hails from Rajasthan and built a global empire through ArcelorMittal, has been a Swiss tax resident for years but is now expected to spend the majority of his time in Dubai, according to the reports.
The newspaper, quoting people familiar with the 75-year-old billionaire’s plans, says Mittal has joined a rising number of ultra-rich figures departing the UK ahead of Chancellor Rachel Reeves’ Budget on Wednesday. The exit comes at a time when Reeves is seeking to address a £20-billion shortfall in the public finances, fuelling expectations of additional tax burdens on the wealthy.
Mittal’s fortune is valued at around £15.4 billion in the 2025 Sunday Times Rich List, placing him eighth among Britain’s richest. While he already owns a substantial Dubai home, the report reveals that he has also purchased sizeable stretches of property in an emerging development on the UAE’s Naïa Island. This anticipated relocation underscores the anxiety that has taken hold across Britain’s affluent circles as rumours swirl about possible new levies.
Much of that concern traces back to Reeves’ first Budget after Labour’s election victory last year. That financial package included increases to capital gains tax, cuts to tax relief for founders selling their businesses, and fresh rules governing how family-run companies are transferred to the next generation. With speculation mounting that her second Budget could introduce even tougher measures—such as a potential 20 per cent tax on individuals who leave the UK—wealthy residents have reportedly been weighing their options.
An adviser familiar with the Mittals’ decision told the newspaper that inheritance tax was the central factor in their thinking. According to this adviser, many foreign entrepreneurs struggle to grasp why all of their global assets should fall under British inheritance tax, which can reach up to 40 per cent. Dubai and Switzerland, by contrast, impose no inheritance tax at all. As the adviser put it, affluent immigrants often feel they are being pushed into relocation, leaving either regretfully or resentfully.
Mittal’s move is part of a broader pattern, with several high-profile entrepreneurs making similar choices. India-born tech founder Herman Narula, who moved to England at the age of two and built the AI-focused company Improbable, recently announced that he plans to settle in Dubai. He expressed frustration that the UK had even contemplated an exit tax, telling the newspaper that he would face a charge on departure even without selling any shares. Although the government has since reversed course on implementing such a tax, Narula said the reversal was not enough to restore confidence. “If they can consider it once, what prevents them from doing it in the next Budget?” he asked.
The concept of an exit levy reportedly gained traction following the relocation of Nik Storonsky, co-founder of the London-based fintech giant Revolut, to the UAE. His move could allow him to avoid an estimated £3-billion capital gains liability should he eventually sell his shares. Observers say the government’s wavering signals and policy U-turns ahead of the upcoming Autumn Statement have eroded perceptions of Britain as a dependable and stable place in which to invest or maintain large holdings.
Also Read: India-UK Trade Agreement Slashes Tariffs, Expands Market Access For Key Sectors https://www.vibesofindia.com/india-uk-trade-agreement-slashes-tariffs-expands-market-access-for-key-sectors/
