A billionaire former labor donor threatens to leave the UK in response to the action of Chancellor Rachel Reeves against 'non Doms'.
Laskhmi Mittal, a steel tycoon that has been living in Great -Britain for three decades, is reportedly preparing to leave Great Britain due to the tax changes of the government.
Mr. Mittal and his family have an estimated fortune of £ 14.9 billion, making him seventh on a British rich list last year.
The businessman born in India is also the owner of real estate on the exclusive Kensington Palace Gardens in London, who is called 'billionaire row'.
He bought what was the world's most expensive house for £ 67 million in 2004.
Since winning power in the general elections of last July, Labor has acted to abolish the non-DOM tax regime.
Those known as 'non -doms' are people who are inhabitants of the UK, but who consider their permanent house or domicile as outside the UK.
By keeping 'not -dom' tax status, they only paid British tax on money that was earned in Britain, and did not have to pay British tax on money made elsewhere in the world.
Laskhmi Mittal, a steel tycoon that has lived in Great -Britain for three decades, is reportedly preparing to leave Great Britain due to the tax changes of the government
Mr. Mittal has told employees that his likely departure is a response to the decision of Chancellor Rachel Reeves to end the 'Niet -DOM' regime
In October, critics blamed the tax walk of Mrs. Reeves -including her plans to abolish the 'non -dom' regime -for rich entrepreneurs who leave Great -Britain.
Figures from New World Wealth, a global analysis company, showed 10,800 liquid millionaires – who have more than $ 1 million in cash – left the UK in 2024.
According to their research, only China lost more millionaires than the UK in 2024.
Compared to the net 10,800 millionaires that Groot -Britain lost last year, the figure was 4,200 in 2023, they found.
The UK also lost 16,500 millionaires from migration from 2017 to 2023, including Brexit and the Covid Pandemic, the research added.
According to the Financial Times, Mr. Mittal has told employees that his likely departure is a response to the decision of labor to terminate the 'non -dom' regime.
“He investigates his options and makes a final decision in the course of this year,” a friend of Mr. Mittal told the newspaper.
“There is a good chance that he will stop being a British tax dweller.”
Mr. Mittal is said to have bought real estate in Dubai, while he also has a huge ski chalet in Switzerland and homes elsewhere in Europe, as well as the US and Asia.
He was an important donor for work among former Prime Minister Sir Tony Blair.
Downing Street today defended the changes of the government in the tax system.
A spokesperson for NO10 said: 'Our tax system is honest and progressive and holds the VK an attractive place to live and at the same time support the public investment needed to stimulate growth.
'It is worth mentioning, the most important tax rate of the UK is lower than any other G7 -European country, including Italy, France and Germany.
“And our new stay-based regime is simpler and more attractive new arrivals than the non-DOM regime that replaces it.”
