Is Lakshmi Mittal leaving the UK?
What is the main reason that is forcing Lakshmi Mittal to leave the UK?
Yes, Lakshmi Mittal is leaving the UK.
He is one of the latest wealthy individuals to depart the country.
The main reason forcing him to leave is the planned changes to tax laws under the Labour government.
The key issue pushing him out was the inheritance tax. Wealthy residents did not understand why all of their assets globally should be subject to UK inheritance tax. As of April 2025, the abolishment of the “non-domiciled” tax status will bring worldwide assets to UK inheritance tax. This law allowed wealthy UK residents to pay tax only on their UK-earned income. Read more about the loophole (domicile) of the UK’s Inheritance tax law here.
Mittal has become a tax resident of Switzerland. His next plan is to spend most of his time in Dubai (in the UAE). Both Dubai and Switzerland do not have an inheritance tax.
He already owns a mansion in Dubai and land on Naïa Island.
